The restrictions on Gazprombank (Switzerland) include the strict supervision of existing clients and a ban on accepting new private clients.
The action taken by Finma (Financial Market Supervisory Authority) against the bank follows a two-year probe of 30 Swiss institutions linked to the Panama Papers and is the country’s only enforcement action directly related to the leak.
Globally, the Panama Papers have ended careers, with the prime minister of Iceland losing his job, and damaged reputations after the leak from Panama-based law firm Mossack Fonseca revealed a network of tax avoidance measures of the rich and powerful.
Finma said the paper trail revealed “serious shortcomings in anti-money laundering processes regarding private clients and politically exposed persons using offshore companies at Gazprombank” from 2006 to 2016.
“The bank failed to carry out adequate
... read more at: https://international-adviser.com/panama-papers-fizzle-switzerland/