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Old 24.08.2020, 15:59
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CH investigates King Juan Carlos

Can anyone explain why former Spanish King is being investigated by a Swiss prosecutor? Whether he was or not corrupt what does this have to do with Switzerland?
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Old 24.08.2020, 16:09
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Re: CH investigates King Juan Carlos

Some background, from SwissInfo:

https://www.swissinfo.ch/eng/former-...rland/45953116
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Old 24.08.2020, 16:10
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Re: CH investigates King Juan Carlos

Due to shady deals in CH. It seems like illegal money were deposited to Geneva private account. For subsequent money laundering actions, Swiss immunity would not apply.

https://www.swissinfo.ch/eng/former-...rland/45953116
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Old 24.08.2020, 16:30
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Re: CH investigates King Juan Carlos

You could just read any article online about it, he's not the focus of the investigation atm. Rather his former lover is suspected of money laundering stemming from the king's 'gift', using Swiss lawyers, asset managers & Swiss private banks

Property in question
https://imagenes.elpais.com/resizer/...AA2PZLL3OY.jpg

Last edited by 3Wishes; 25.08.2020 at 14:28. Reason: changed oversized image to link
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Old 24.08.2020, 19:15
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Re: CH investigates King Juan Carlos

The ex-king has good contacts at Swissinfo. The Spanish version of the article does not even mentions money laundering (lavado de dinero).

https://www.swissinfo.ch/spa/pol%C3%...suiza/45947986
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Old 24.08.2020, 19:25
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Re: CH investigates King Juan Carlos

"In 2018 that audio was published in the Spanish media. In one of the recordings, a female voice asks rhetorically in Spanish about the emeritus king: "How does he get money? He takes a plane, goes to Arab countries… And he returns with the cash in suitcases - sometimes with five million. He has a machine to count it - I've seen it with my own eyes."

Corinna zu Sayn-Wittgenstein has never officially confirmed it was her on the recording. But the revelations from those tapes were sensational, and they became the catalyst for the opening of investigations in Switzerland and, more recently, in Spain.

At the heart of the proceedings is a $100 million payment from the late king of Saudi Arabia that was placed in a Swiss bank account linked to a Panama-based offshore foundation in 2008. The beneficiary was King Juan Carlos.

The Swiss prosecutor is investigating three people with ties to the former king. And he is looking into whether this money was connected to the awarding of a massive contract to a Spanish consortium to build a high-speed rail link in Saudi Arabia three years later. In other words, was it a kickback?

In Spain, the Supreme Court has opened an investigation into emeritus King Juan Carlos himself - but it can only examine alleged wrong-doing after he abdicated in 2014, when he lost his immunity from prosecution.

Then in early August 2020, weeks after he was linked to the inquiry, the ex-king made the shock announcement that he had left Spain; after two weeks of speculation about his whereabouts, the Spanish royal palace said he was living in the United Arab Emirates.

So where does Corinna zu Sayn-Wittgenstein fit in? She is one of the individuals being investigated by the Swiss prosecutor. And that is because in 2012, after the Botswana debacle, the then-King Juan Carlos transferred what was left of that $100 million from Saudi Arabia - around €65m - to her."

https://www.bbc.com/news/stories-53749630
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Old 24.08.2020, 20:01
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Re: CH investigates King Juan Carlos

She did an interview in the British press where she said Juan Carlos was very close to her son. Made me wonder about his parentage
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Old 25.08.2020, 10:16
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Re: CH investigates King Juan Carlos

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Rather his former lover is suspected of money laundering stemming from the king's 'gift', using Swiss lawyers, asset managers & Swiss private banks

Swiss Private Banks being suspected of money laundering is like suspecting bears of shitting in the woods
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Old 25.08.2020, 10:19
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Re: CH investigates King Juan Carlos

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At the heart of the proceedings is a $100 million payment from the late king of Saudi Arabia that was placed in a Swiss bank account linked to a Panama-based offshore foundation in 2008. The beneficiary was King Juan Carlos.

I just don´t get why a Swiss prosceutor should investigate this. If the rich and famous are not allowed launder their money through CH banks, that business will jst go elsewhere. This sounds like an own goal to me.
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Old 25.08.2020, 10:39
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Re: CH investigates King Juan Carlos

I guess a major reason a CH prosecutor is investigating is because the guy has fallen into disgrace somewhere else in the world. In this case, it's totally appropriate to maintain the appearances. Something like crooks are welcome as long as you're not recognized as one because we don't do business with them.

In less cynic terms, the prosecution of the ex-king is precisely what bank compliance is about: ensure that the bank complies with applicable laws and regulations. If the bank and local authorities don't investigate, it will damage the reputation of CH and the bank because it signals they don't care about compliance.

Last edited by Axa; 25.08.2020 at 11:12. Reason: Added the compliance part, 2nd paragraph.
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