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Switzerland fines Morgan Stanley $1 million over 2010 money laundering case
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Switzerland fines Morgan Stanley $1 million over 2010 money laundering case
Feb 27, 2025 9:14 AM

ZURICH, Feb 27 (Reuters) - The Swiss attorney general's

office said on Thursday it had imposed a $1 million fine on

Morgan Stanley's ( MS ) Swiss operations for failing to do enough to

prevent one of its client advisors committing qualified money

laundering in 2010.

In a statement, the office said the lender's previous

entity, Bank Morgan Stanley (Switzerland) AG, was liable for

failing to stop the advisor laundering assets originally

stemming from acts of bribery in Greece.

The case concerned the late, former Greek Defence Minister

Akis Tsohatzopoulos, who was found guilty of money laundering by

a Greek court in 2013, the office said.

Bribes laundered in Greece went to accounts of a straw man

and cousin of Tsohatzopoulos at the bank in Switzerland, which

led to a subsequent investigation, the office said.

The costs of the proceedings were also imposed on Morgan

Stanley ( MS ), which cooperated with prosecutors, it added.

Morgan Stanley (Switzerland) GmbH had informed the attorney

general's office that it would waive its right to oppose the

penalty order, according to the statement.

(Writing by Dave Graham

Editing by Francois Murphy)

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