Thun Group of Banks criticised for misguided interpretation of UN Guiding Principles.

  Bild (Ausschnitt): © geralt [CC0 Creative Commons] - pixabay

At the beginning of this year, the informal Thun banking group, consisting of UBS, Credit Suisse, Barclays, BBVA, BNP Paribas, Deutsche Bank, ING, RBS, Standard Chartered, UniCredit and JP Morgan, published a position paper on the understanding and scope of Article 13 of the UN -Leitprinzipien.

In this respect, the banking groups largely excluded their responsibility for protecting human rights.   ... →

Grupo Mexico mine spill

On 7 August 2014 40,000 cubic meters of waste water, comprising acid – laced copper sulphate and heavy minerals, spilled from a copper mine in Northern Mexico into two rivers just 40 km from the US border.  This toxic leak originated from the Beunavista Copper Mine in Cananea Sonora, operated by the mining company Grupo Mexico.   ... →

UBS pays 300 Million to German Tax authorities

UBS has settled with the German tax authorities to pay a 300 million euro fine, due to the suspicion they were aiding and abetting tax evasion. The prosecution has been investigating the Swiss bank since 2012. The investigation was instigated by the discovery of a CD containing details of UBS clients that was acquired by the German state of North Rhine-Westphalia.   ... →

New Claims against UBS regarding tax evasion

The Swiss banking giant, UBS, simply cannot escape the allegations of money laundering. In July 2014 Facing Finance reported on the illegal business practices of the Belgian UBS branch and the opening of a formal impeachment process of Marcel Brühwiler. Now a few weeks later, the same institution is being accused of helping wealthy French cheat the French Treasury and the Paris office is being charged with repeatedly violating French law between the years 2004 and 2012.   ... →

Money laundering at UBS

After the Swiss Bank Credit Suisse was convicted of tax fraud and fined a penalty of 2.6 Billion dollars in the United States, a second Swiss bank is now in the sights of the authorities.

The Brussels public prosecutor’s office on the evening of the 19 June 2014 stated that a legal case had been made against Marcel Claudia Wettstein, head of the Belgian UBS branch.   ... →

Deutsche Bank One of Sixteen Banks Sued for LIBOR Fraud

The US Federal Deposit Insurance Corporation (FDIC) is suing 16 prominent banks, including Deutsche Bank, for their involvement in an elaborate LIBOR (London Interbank Offered Rate) manipulation scheme. LIBOR rates refer to the average estimated interest rates used for lending purposes between banks calculated by interest rate submissions submitted by prominent banks in London. The FDIC claims that the 16 banks involved in the suit, including UBS, Barclays, Credit Suisse, and  Deutsche Bank, caused 38 banks to suffer significant financial losses.    ... →