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UBS faces a dilemma as it must decide whether to release frozen funds linked to two Russians on the US sanctions list, despite a Swiss court ruling mandating their release. Bill Browder warns UBS CEO Sergio Ermotti against complying, citing potential violations of US sanctions, while UBS emphasizes its commitment to adhering to multiple jurisdictions' regulations. The situation highlights tensions between Swiss and US legal frameworks regarding money laundering and sanctions enforcement.
The US Treasury has sanctioned two Swiss lawyers for allegedly helping Russian clients evade sanctions by creating companies and trusts. This action highlights concerns over loopholes in Swiss law that allow lawyers to operate without due diligence, facilitating illicit financial activities. The sanctions are part of a broader effort to disrupt networks supporting Russia's military operations amid ongoing international tensions.
Mark Pieth
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ubs faces dilemma over releasing frozen accounts linked to us sanctions
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06:30 06.02.2025
us treasury sanctions swiss lawyers for facilitating russian clients evading sanctions
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17:38 30.10.2024
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