Switzerland opens money laundering investigation into UBS

By Christine Duhaime | September 4th, 2012

According to Bloomberg News, the AG for Switzerland opened a criminal probe of UBS AG on August 29 as a result of a complaint filed by Bruno Manser Fund, a rain-forest advocacy group, that alleged that UBS AG allowed its bank to be used to launder proceeds of crime from Musa Aman, Chief Minister of the Malaysian state of Sabah. The group alleges that Mr. Aman laundered over USD$90 million from proceeds from the tropical timber business in Sabah, Borneo, through a number of UBS bank accounts located  in Hong Kong. Part of the complaints allege that Mr. Aman, a politically exposed person, was not treated as such.

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