Halister News

(Bloomberg) -- Switzerland will pursue more cases against banks and companies involved in corruption and money laundering by using article 102 of Criminal Code, Swiss Attorney General Michael Lauber says in interview with newspaper Le Temps.

• Effort intended to “protect the financial markets” by applying article 102, which can be used to criminally prosecute a company that doesn’t report an employee’s actions: Lauber
• Article 102 can also be used if company has not taken “reasonable and necessary” measures to prevent money laundering and corruption
• Corporate leaders must say “it is better to denounce than sweep problems under the carpet”: Lauber
• Little-used article 102 provides for maximum fine of 5 million Swiss francs: Le Temps
• Lauber says he would like to “eventually” have a Swiss law protecting corporate whistleblowers

NOTE: Switzerland, Singapore Target UBS, Falcon Bank in 1MDB Crackdown