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Weekly Roundup: Belgium Detains Head of UBS Division, Businesses Say Banks’ De-Risking Raises Costs of Trade Finance, and More
printAuthorities detained Marcel Br??hwiler, chief executive of the Belgian division of UBS AG, for allegedly helping wealthy Belgians evade taxes, according to The Wall Street Journal. The banking giant paid the United States $780 million in 2009 for helping Americans hide assets from the IRS. More The decision by banks to end their correspondent banking relationships due to compliance costs is hampering international trade and export finance services, according to an International Chamber of Commerce report cited by Financial Times. Regulatory pressure and material fines have led to increased operational costs for the sector, the business group said. More Liechtenstein's...
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