Liquidation order for MBaer Merchant Bank is effective, Swiss watchdog says
The Straits Times
Washington had threatened to cut the Swiss private bank’s access to the US financial system. Read more at straitstimes.com.
BERN - Swiss financial regulator FINMA said on Feb 27 that a liquidation order for MBaer Merchant Bank was now effective after Washington threatened to cut the Swiss private bank’s access to the US financial system for breaching sanctions against Iran, Russia and Venezuela.
FINMA concluded enforcement proceedings against MBaer three weeks ago, but due to an MBaer appeal, which the bank withdrew on Feb 27, FINMA was previously unable to implement its own measures, it said.
In the course of its proceedings, FINMA found that the bank did not have adequate measures in place to combat money laundering and enabled clients to circumvent official asset freezes, it added.
“The case is extremely serious,” the regulator said.
“Through its conduct and inadequate organisation, (the bank) exposed itself and the Swiss financial centre to disproportionately high risks,” FINMA added. REUTERS
US threatens to cut off Swiss bank MBaer from financial system over alleged Iran, Russia, Venezuela ties
About 3 in 4 executive directors are substantial shareholders or are family members, the study found. Read more at straitstimes.com.
The producer is supplying only Arab Light crude exported from the Red Sea port of Yanbu to term customers in April. Read more at straitstimes.com.
As at last November, digital renminbi transactions had notched a cumulative value of $3.1 trillion since launch. Read more at straitstimes.com.
As at last November, digital renminbi transactions had notched a cumulative value of $3.1 trillion since launch. Read more at straitstimes.com.
Property stocks fell this week as the US Federal Reserve signalled rates may stay higher for longer. Read more at straitstimes.com.
A couple's $1 million luxury watch and handbag collection becomes a point of contention during their divorce, raising questions about matrimonial assets. Read more at straitstimes.com.
The S&P 500 declined 1.51 per cent to end the session at 6,506.48 points, its lowest since September. Read more at straitstimes.com.
Understand the rules around sharing wedding rings and jewellery in a divorce, and what assets are considered matrimonial. Read more at straitstimes.com.
S’pore ready to step in to help businesses, households if Middle East conflict worsens: Tan See Leng
Singapore has not yet needed to dip into its energy stockpiles, which are enough to last for months. Read more at straitstimes.com.
The iEdge Singapore Next 50 Index declines 0.9% to 1,464.78. Read more at straitstimes.com.
Goldheart jewellers opens its 24th boutique in Singapore at 313@Somerset, marking its return to the Orchard Road shopping district. Read more at straitstimes.com.
The market punished Alibaba and Tencent for failing to lay out clear visions for how to profit off AI. Read more at straitstimes.com.
The arbitration is based on the Panama-Singapore Free Trade Agreement, Sinolam said. Read more at straitstimes.com.