Former Swiss Banking Lobby Chief Convicted in Corruption Case

The proceedings at the Federal Criminal Court in Bellinzona concluded in a single morning session. Prosecutors successfully argued that the 77-year-old banker knowingly accepted the risks associated with the illicit payments, which were designed to steer substantial investment toward the Geneva-based private bank. Mirabaud, who chaired the Swiss Bankers Association from 2003 to 2009, retired from his firm shortly before the bribery scheme ended in 2012.

While corruption and money laundering charges in Switzerland can result in five-year prison terms, the court opted for a suspended sentence. Prosecutors pointed to Mirabaud’s advanced age, his lack of a prior criminal record, and his willingness to cooperate with federal investigators as mitigating factors. The Kuwaiti official involved in the scheme, who has since died, had previously been convicted of embezzling public funds in his home country. The bank itself was not a party to the criminal proceedings, though it has faced separate scrutiny from the financial regulator FINMA regarding past anti-money laundering failures.