Ex-employee of Bank Pictet convicted of money laundering

The Geneva-based bank Pictet has been fined CHF2 million ($2.45 million) for shortcomings in its organisation which enabled a former asset manager to commit serious money laundering. He received a six-month suspended prison sentence. +Get the most important news from Switzerland in your inbox The former asset manager was convicted by summary penalty order. This was part of proceedings opened in connection with the international corruption affair known as "Lava Jato", the epicentre of which is in Brazil and in which the oil company Petrobras is involved, the Office of the Attorney General of Switzerland (OAG) said on Tuesday. + Money laundering and paedophile crime increase in Switzerland The investigation revealed that between June 2010 and May 2013, funds totalling more than $4.1 million (CHF3.3 million) from corrupt payments were transferred from the account of a Brazilian public official at Bank Pictet in order to conceal their criminal origin. The former manager had been ...