A case against UBS Banking Group, triggered by a complaint under criminal law by the Bruno Manser Fund (BMF), a Swiss human rights and environmental organisation, may see it facing money laundering charges and a heavy penalty.
The bank has been accused of laundering USD 90 million in corruption proceeds from the Borneo timber trade on behalf of Sabah Chief Minister Musa Aman.
Once a technical matter was settled, UBS may be facing the music, said a BMF statement. “A final ruling by the Swiss Federal Court was expected soon.“
The Attorney-General of Switzerland has appealed a decision by the Berner Zwangsmassnahmengericht court which ruled that a confiscated risk assessment by the bank on UBS’ ties with Musa may not be unsealed and may not be used as evidence in a money laundering case against the bank.
The risk assessment had been prepared at the request of FINMA, the Swiss bank regulator.
The court applied a basic principle in criminal law, according to which no suspect may be forced to give testimony against himself.
Earlier, a court in Switzerland’s capital, Berne, found that there was sufficient suspicion for federal prosecutors to search UBS headquarters in Zurich in a criminal investigation on alleged money-laundering and due diligence breaches.
The house search took place on 19 November 2014 when prosecutors were looking for evidence on the bank’s business ties with Musa.
By Lin KayKay
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