UBS AG

Swiss watchdog: Probes of money laundering jump in 2016

Switzerland's financial markets watchdog says it investigated 22 breaches of money laundering requirements last year, from nine in 2015, as the Alpine country seeks to combat the growing risk of corruption linked to assets from around the world.

The authority, FINMA, said Tuesday that "serious shortcomings" came to light in 2016, including major cases involving the Malaysian sovereign wealth fund, 1MDB, and Brazilian oil company Petrobras. At year-end, FINMA had classified 21 unspecified banks as "high risk" — meaning their activities are under enhanced surveillance.

"Over the past four years, FINMA has taken enforcement action against supervised...

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