Monday, October 26, 2020

Switzerland agrees to return laundered Uzbekistan’s funds

-

Switzerland said Friday it has agreed in principle with Uzbekistan on the terms under which money seized as part of a money-laundering investigation against the eldest daughter of former Uzbek President Islam Karimov will be returned to the Central Asian nation.

The “framework agreement” signed by the two countries will see assets worth around $131 million, seized from Swiss accounts belonging to Gulnara Karimova in 2012, returned to Uzbekistan.

The deal, which still needs to be formalized before it is legally binding, will require Uzbekistan to use the assets “to improve the living conditions of the people of Uzbekistan,” invest the funds in sustainable projects and ensure transparent monitoring, the Swiss government said.

A further 650 million Swiss francs ($715 million) seized from Karimova remains frozen as part of the ongoing criminal proceedings against Karimova. Should those funds be released, they would be subject to the same conditions of restitution, the Swiss government said.

- Advertisement -

Karimova is suspected of receiving large sums from foreign telecommunications companies in connection with contracts in Uzbekistan.

She was placed under house arrest in Uzbekistan in 2014. Her current whereabouts are unknown.

Islam Karimov was Uzbekistan’s president from 1991 until his death in 2016.

- Advertisement -
- Advertisement -

MUST READ

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks