Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam emails!
Advertise Your Business Here
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Financial and Banking News

Brazilian police have arrested bankers

Brazilian police have arrested 20 people including an employee of UBS on suspicion of crimes including money laundering, tax evasion and illegal transfer of money overseas.

The operation provides further evidence of the willingness of Brazil's police to tackle white collar crime, often with the co-operation of overseas forces. Police said those arrested included three bank employees - two foreign and one Brazilian - six or seven black market currency traders, and wealthy Brazilian individuals.

According to police, the group had been illegally transferring money overseas at a rate of R$7m ($4m) a month for at least the past six months. UBS confirmed that a Swiss-based employee had been arrested in Sao Paulo and that the bank was in touch with the Brazilian authorities. Some 280 federal agents took part in Tuesday's operation, carrying out 44 search warrants in addition to the arrests. Some R$6m in cash was apprehended, together with between $600,000 and $700,000, also in cash.

This is the second federal police operation to involve large foreign institutions in as many months. In October, police arrested 40 people including three acting senior executives and one former president in Brazil of Cisco Systems, the US technology giant, for alleged tax fraud and other crimes involving evasion of up to R$1.5bn in import duties and other taxes.

A person familiar with the matter said it appeared the arrested UBS employee was a low-level member of staff who had no connection to UBS's investment banking operation in Brazil, UBS Pactual. UBS has expanded its operations in Brazil since it bought Pactual, one of a small group of aggressive and successful local investment banks, for $2.6bn last year.

Police said the foreign banks involved in the scheme were offering services, such as banking secrecy, no longer offered by their affiliates in Brazil. The 20 will be held in custody for five days, after which the police may request that they be held for a further five days and following that, for an indefinite period. Nine people arrested in last month's operation, including the former president of Cisco in Brazil, will remain in police custody.

Source: Financial Times
Date: 08.11.2007 [136]

Financial and Banking News
 Banks may need political help to survive Big Tech

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the "real game changer." 09.12.2019 | Source: Bloomberg

 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

 International Banking Exhibition and Conference will be held in Baku

"Digital Banking and Security" titled International Banking Exhibition & Conference will be held in Baku on 17-18 of April, 2018 by FA International Trade Events. 07.02.2018 | Source: FA International Trade Events

 📰 News Archive

2007-2020 © BanksDaily.com | Rus