Professional Documents
Culture Documents
July 2015
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Directive?
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person
Hmicho.
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The Geneva prosecutor has agreed to close its investigation into HSBC, in return for a financial settlement of
SWF 40 million (around GBP 28 million). In addition, the bank was given a final warning by the authorities for
organisational deficiencies, which allowed money laundering to take place in the banks Swiss subsidiary. As a
result of the settlement, HSBC will not be prosecuted and Swiss authorities will not publish findings of their
investigation into alleged aggravated money laundering. The Geneva authorities described the payment as
compensation rather than a fine, reflecting the harm done to the city and the profits obtained by HSBC from
processing illicit funds. The settlement with HSBC does not cover employees.
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court cases.
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Jin Wang, a former Executive Vice President of Qualcomm Inc. has been sentenced to 18
months imprisonment and directed to pay a USD 500,000 fine after pleading guilty in a U.S.
Securities and Exchange Commission case to securities fraud, based on his insider trading
and money laundering linked to his efforts to evade detection and obstructing justice. Wang
was found to have traded insider information obtained from his employer on three occasions.
Wang and an associate, Gary Yin, a registered representative at Merrill Lynch, created
offshore entities and set up bank accounts. The ownership of accounts was designed to
make it appear they belonged to others. Yin also admitted to conspiring with Wang to
obstruct justice and launder money.
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U.S. authorities have commenced a forfeiture action for USD 300 million claimed to be the proceeds of an
international bribery conspiracy involving two Russian telecoms companies. The U.S. alleges that
Vimpelcom Ltd, which is part owned by Mikhail Fridman, and Mobile TeleSystems OJSC used a web of shell
companies and phony consultancy contracts to funnel bribes to a close relative of Uzbekistans president,
Islam Karimov. The assets sought by the U.S. are held in the Bank of New York Mellon Corporation in
Ireland, Luxembourg and Belgium, according to the complaint filed in a Manhattan court. The funds sought
allegedly belong to a company called Takilant Ltd, owned by Karimovs relative. The company has
previously been the subject of a corruption investigation by Swedish prosecutors. The individual was not
named, but referred to only as Government Official A.
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U.S. authorities.
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