‘Money laundering’ Swiss MBaer bank shut down

The Swiss Financial Market Supervisory Authority (FINMA) has ordered the liquidation of MBaer Merchant Bank, which has been labelled a money laundering risk by the United States. + Get the most important news from Switzerland in your inbox The supervisory authority had previously identified serious deficiencies in the Zurich-based private bank's anti-money laundering practices during an investigation. + Read why dirty money does not need Swiss banking secrecy to thrive The revocation of its banking license and the liquidation order were possible after MBaer Bank withdrew its appeal against the FINMA proceedings before the Federal Administrative Court, FINMA announced on Friday. The supervisory authority has already appointed liquidators at the bank. In addition, FINMA has opened proceedings in four cases against unnamed individuals. These individuals may be responsible for violations of supervisory law in connection with the matters under investigation, the authority stated. + ...