Morgan Stanley Swiss Unit Fined $1.1 Million for Greek Bribery Links

Morgan Stanley's Swiss unit has been fined 1 million Swiss francs (approximately $1.1 million) for failing to prevent money laundering linked to bribery involving a former Greek defense minister, Akis Tsohatzopoulos. The Swiss Attorney General's Office determined that the bank did not implement necessary organizational measures to stop a client advisor from laundering bribes between 1999 and 2012. These funds had originally been tied to bribery in Greece, subsequently laundered through accounts associated with Tsohatzopoulos. The case was part of a broader investigation into Tsohatzopoulos, who was convicted of money laundering in Greece in 2013. Morgan Stanley has cooperated with the investigation and waived its right to appeal the penalty, making the decision legally binding. The case has now been closed by the attorney general's office.