Thursday, August 7, 2008

Zurich bankers on trial for helping Brazilian tax officials

In Switzerland, the trial for the five Zurich bankers who helped Brazilian tax officials launder $45 million continues. The trial was suspended in June and resumed yesterday according to this article at Business Week. The bankers who were aiding the Brazilian officials are accused of keeping numerous bank accounts for the officials in addition to monitoring large amounts of money that was deposited into the accounts creating a large number of banking transactions. The Brazilians involved were high ranking tax officials in the their government.

The identities of those who aided the tax officials remain secret due to strict Swiss laws. Prosecutors would like to fine the bankers up to $38,000 each for their participation in the money laundering scheme as well as 18 to 30 months of jail time. They would also like for the Swiss government to confiscate the money kept in those bank accounts. There is no date set for the verdict.

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