The news is out: [ZURICH/AMSTERDAM (Reuters) – A Dutch court on Wednesday ordered a criminal investigation into the role UBS Chief Executive Ralph Hamers played in ING Group’s failure to crack down on money laundering when he was head of the Dutch bank.
The investigation comes only a month after Hamers became head of UBS, the world’s largest wealth manager, at a time when it is trying to move on from a legacy of costly court cases over money laundering and tax evasion.
The Swiss bank said Hamers would stay in his role while prosecutors conducted their investigation and that extensive due diligence, including an independent assessment of the Dutch anti-money laundering issues, had been conducted before he was hired.]
Racism and corruption are the fabric of European society.
