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A Criminal Complaint Has Been Filed Against UBS For DRC-Linked Money

A Criminal Complaint Has Been Filed Against UBS For DRC-Linked Money
Three organisations have filed a criminal complaint with Swiss federal prosecutors, alleging that UBS failed to exercise due diligence in respect to cash received by an accused associate of former Congolese President Joseph Kabila.
The case, filed jointly by the Swiss campaign group Public Eye and two other groups, concerns a suspected failure to undertake due diligence about financial transactions within Switzerland's largest bank.
There were no comments from UBS on the issue.
The criminal charge, filed with Switzerland's Attorney General's Office, focuses on $19 million in transactions allegedly routed to the suspected associate's UBS accounts in Zurich and Geneva in 2012 and 2013.
An counsel for Kabila did not immediately reply to phone and text message requests for comment.
The individual cited by Public Eye also did not react immediately to a comment request sent via LinkedIn.
The Attorney General's Office verified receiving the criminal complaint.
"The criminal complaint will now be examined in accordance with the usual procedure," a spokesperson said in an emailed statement.
The attorney general's office may decide to begin criminal proceedings based on the file, assign such procedures to regional prosecutors, or declare that no proceedings are required.
The Swiss financial market regulator FINMA said it was aware of the situation and was in contact with UBS. It refuses to comment on specifics.

Christopher J. Mitchell

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