Swiss banks crack down on suspected Saudi money laundering

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December 5, 2017

Banks in Switzerland have started reporting suspicious account activities among some of their Saudi clients to the Swiss Money Laundering Reporting Office, reports the Financial Times. The regulator is reportedly reviewing data on potentially suspicious transactions linked to Saudi accounts, submitted by some of the world’s most trusted banks. Swiss authorities have neither frozen any assets nor launched criminal investigations, according to federal prosecutors, as quoted by Reuters.