Switzerland Prosector Fines Swiss Private Bank J. Safra Sarasin $4.3 Million (CHF 3.5 Million) for Failure in $71 Million Money Laundering from 2011 to 2014 & Paid CHF 16 Million Settlement to Brazil State-Owned Oil Company Petrobras, ex-Bank J. Safra Sarasin Employee Sentenced to 6-Month Custodial Sentence Involving $29.2 Million Money Laundering Acts, Case is Related to Brazil State-Owned Oil Company Petrobras Corruption Case (Lava Jato)
25th August | Hong Kong
Switzerland prosector (Office of the Attorney General of Switzerland) has fined Swiss private bank J. Safra Sarasin $4.3 million (CHF 3.5 million) for failure in $71 million money laundering from 2011 to 2014, with J. Safra Sarasin paying CHF 16 million settlement to Brazil state-owned oil company Petrobras. An ex-Bank J. Safra Sarasin employee had also been sentenced to 6-month custodial sentence involving $29.2 million money laundering acts. The case is related to Brazil state-owned oil company Petrobras corruption case (Lava Jato). Announcement (22/8/25): “The Office of the Attorney General of Switzerland (OAG) has issued a summary penalty order sentencing Banque J. Safra Sarasin SA (hereinafter: Banque Safra) to a fine of CHF 3.5 million for failing to take all reasonable and necessary organisational measures to prevent the commission or attempted commission of aggravated money laundering acts between November 2011 and May 2014, for a total amount of approximately USD 71 million. Banque Safra having also paid a settlement amount of CHF 16 million to Petrobras, private claimant in the proceedings, the OAG has not ordered a compensatory claim. The OAG also sentenced a former employee of Banque Safra to a six months’ suspended custodial sentence for aggravated money laundering acts committed between November 2011 and July 2014 while working for another Swiss bank, involving a total amount of USD 29.2 million.” More info below:
“ Switzerland Prosector Fines Swiss Private Bank J. Safra Sarasin $4.3 Million (CHF 3.5 Million) for Failure in $71 Million Money Laundering from 2011 to 2014 & Paid CHF 16 Million Settlement to Brazil State-Owned Oil Company Petrobras, ex-Bank J. Safra Sarasin Employee Sentenced to 6-Month Custodial Sentence Involving $29.2 Million Money Laundering Acts, Case is Related to Brazil State-Owned Oil Company Petrobras Corruption Case (Lava Jato) “
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Background – This conviction relates to the international corruption case known as “Lava Jato”, involving the Brazilian state-owned oil company Petrobras, which is the private claimant in these proceedings. In this context, in November 2018, the OAG opened a criminal investigation against Banque Safra, one of its former relationship managers and unknown persons on suspicion of complicity in bribery of foreign public officials (Art. 25 Swiss Criminal Code (SCC) in conjunction with Art. 322septies SCC) and aggravated money laundering (Art. 305bis (1) and (2) SCC) in connection with Art. 102 para. 2 SCC. In July 2019, the investigation was extended to a third defendant, an employee of Banque Safra, for the same offences. By summary penalty order of 22 August 2025, Banque Safra was found guilty of violating Article 102 para 2 SCC in connection with aggravated money laundering (Article 305bis (1) and (2) SCC) and sentenced to a fine of CHF 3.5 million. This amount takes into account the time that has elapsed since the offence was committed, as well as the various corrective measures taken by the bank, including organisational measures, following the outbreak of the Petrobras case. The OAG also found a former relationship manager guilty of aggravated money laundering (Art. 305bis (1) and (2) SCC). She was sentenced to a six months’ custodial sentence with a two-year probation period. This sentence also takes into account the time that has elapsed since the offence and her personal circumstances.
Criminal origin of funds – The investigation established that some of the former relationship manager’s clients, specifically acquired while she was working at Banque Safra, were involved in the “Lava Jato” case. In this context, several bank accounts were opened with Banque Safra in Switzerland and used to receive or transfer corrupt payments from approximately ten companies operating in the oil and construction sectors. These payments were intended for senior executives of the state-owned company Petrobras, also clients of Banque Safra, to promote the interests of these companies in the award, negotiation and/or continuation of contracts entered with Petrobras and/or its subsidiaries. Some of these clients followed the former relationship manager to her new employer after she left Banque Safra in 2011.
Corporate criminal liability – The investigation revealed numerous shortcomings within Banque Safra. The bank’s disorganisation enabled the commission of aggravated money laundering offences in the form of transfers for a total amount of approximately USD 42.5 million. To this amount must be added transfers totalling USD 28.5 million, which were executed by the bank but refused by the recipient banks. These breaches undermined the integrity of the Swiss financial centre. Banque Safra was therefore found guilty of violating Article 102 para. 2 SCC in connection with the aggravated money laundering offence committed within the bank. In view of the payment of the settlement amount of CHF 16 million by Banque Safra to Petrobras, the OAG is not ordering any compensatory claim, it being also specified that most of the funds transferred within Banque Safra were blocked by the criminal authorities and repatriated to Brazil.
Criminal liability of the relationship manager – During her professional activities at another Swiss bank, between 15 November 2011 and 30 July 2014, the former relationship manager committed acts intended to hinder the identification and confiscation of assets derived from the offence of bribery of foreign public officials (Art. 322septies SCC). Her actions lasted more than three years and involved more than USD 29.2 million. The defendant was therefore found guilty of aggravated money laundering under Art. 305bis (1) and (2) SCC.
Abandonment – As the investigation did not establish that the former relationship manager and Banque Safra had intentionally assisted in the execution of the corrupt payments under investigation, the criminal proceedings against them on suspicion of complicity in bribery of foreign public officials (Art. 25 and Art. 322septies SCC, in conjunction with Art. 102 para. 2 SCC) were abandoned (Art. 319 para. 1 (b) SCC). The OAG also abandoned the proceedings started against the third defendant on suspicion of complicity in bribery of foreign public officials (Art. 25 and Art. 322septies SCC) and aggravated money laundering (Art. 305bis para. 1 and 2 SCC).
Procedures for removal of the seals – The investigation was significantly complicated and delayed by the procedures for removing seals conducted in parallel by the competent compulsory measures court. In particular, the OAG had access to the contents of the email accounts of the two defendants (natural persons) in November and December 2024, almost five and a half years after the search was conducted and the request for the removal of the seals was filed.
Entry into force – The parties have declared that they will not appeal the summary penalty and abandonment of proceedings order. The order is therefore final and may be consulted or requested in anonymised form, under the usual conditions, from the Communication Service of the OAG ([email protected]).
Switzerland Prosector Fines Swiss Private Bank J. Safra Sarasin $4.3 Million (CHF 3.5 Million) for Failure in $71 Million Money Laundering from 2011 to 2014 & Paid CHF 16 Million Settlement to Brazil State-Owned Oil Company Petrobras, ex-Bank J. Safra Sarasin Employee Sentenced to 6-Month Custodial Sentence Involving $29.2 Million Money Laundering Acts, Case is Related to Brazil State-Owned Oil Company Petrobras Corruption Case (Lava Jato)
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