Swiss banks caught up in US corruption probe
Records from 18 banks sought over transactions in Venezuela
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New York
SWISS banks have a new money laundering worry: Venezuela. At the request of US authorities, Switzerland has agreed to turn over records from at least 18 banks involving Venezuela's state oil company, Petroleos de Venezuela SA, which is the subject of a widening corruption investigation by the US Department of Justice, according to Swiss regulators.
Among the banks are UBS, EFG Bank and CBH Compagnie Bancaire Helvetique, said a person briefed on the matter. Spokesmen for the banks declined to comment. None of the 18, whose names haven't been disclosed, has been accused of wrongdoing. The development is the latest twist in a wide-ranging investigation that US authorities say has revealed evidence of bribery at PDVSA, the linchpin of Venezuela's oil industry, as well as at BANDES, the nation's economic development bank.
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