Swiss close business accused of laundering: reports
The Swiss have, reportedly, closed offices related to a business in Russia.
Sources in Russia are reporting that Swiss authorities have closed the Zurich offices of an international currency and shares business. Two companies, Soveriegn (Forex) and Sovereign Finance have offices in Russia and the Caribbean, say the reports.
A Swiss court closed the offices as a result of allegations of conducting banking business without a banking licence, it is claimed. The reports also contain allegations that the companies, which have operated for a number of years, have been engaged in money laundering.
If the reports are accurate, it is a reasonable assumption that the business is one which has operated a hawala-type financial transaction system.
Further details are at present very sketchy.
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