The corruption probe launched by the Saudi Arabian Crown Prince last month has quickly reverberated in the global financial system beyond the desert kingdom, starting in Switzerland. The office of the Attorney General in Saudi Arabia reported that it is investigating systematic corruption and embezzlement going back decades and mentioned an expected offense sum of at least USD 100 billion. In the global press it was highlighted that subsequently some of Switzerland’s largest banks increasingly flagged suspicious account activity. The press also reported that FINMA has contacted certain banks about Saudi Arabian clients.
In this alert published in conjunction with the Swiss Investigation Forum, Deloitte partner David Fidan Joseph (Zurich) and RK&O partner David B. Massey (New York) examine the related interest by Swiss and U.S. enforcement agencies, as well as potential implications for Swiss institutions.