Swiss Money Managers Must Face Laundering, Conspiracy Charges

Foreign citizens can be charged with money laundering, so long as the alleged conduct occurs at least “in part” within US boundaries, the Fifth Circuit said in a Wednesday opinion addressing the issue for the first time.

The decision revives criminal money laundering and Foreign Corrupt Practices Act conspiracy charges against two Swiss wealth managers accused of hiding bribes paid by US businesses to Venezuelan officials between 2003 and 2011. The bribes were allegedly made in exchange for favorable treatment, like priority payment, from Petróleos de Venezuela SA, Venezuela’s state-owned energy company.

The district court had concluded that conduct occurs ...