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UBS Being Investigated for Ties to Illegal Logging

WFB Editors
Sep 4, 2012

Swiss banking giant UBS is under a criminal money laundering probe for links to proceeds of alleged illegal logging in Malaysia, according to Reuters.

UBS is being investigated for its ties to Musa Aman, Malaysia's chief minister of the state of Sabah, on the island Borneo. In a complaint brought by Swiss forest campaign group Bruno Manser Fund, Aman was accused of having links to illegal logging. Specifically, Aman has been accused of laundering over $90 million in illegal logging proceeds through a number of UBS bank accounts in Hong Kong. According to Reuters, Aman has "dismissed graft allegations as a political conspiracy."

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