Former Swiss Banker Pierre Mirabaud Convicted of Bribery and Money Laundering

Pierre Mirabaud, a former partner at the private bank Mirabaud and Cie and former president of the Swiss Bankers Association, has been sentenced to two years in prison by Switzerland's Federal Criminal Court. The sentence is suspended. Mirabaud, who is 77 years old, was convicted of bribery and money laundering for paying a Kuwaiti government official 82.3 million Swiss francs, which is approximately 101 million US dollars, between 2000 and 2012. Prosecutors stated the payments were intended to secure business worth 595.2 million US dollars for the bank. The Kuwaiti official, who is now deceased, was previously convicted in absentia in Kuwait for corruption and embezzlement of public funds.

While Swiss law allows for penalties up to five years in prison for these crimes, prosecutors requested a 24 month sentence. This request was based on Mirabaud's age, his lack of prior convictions, and his cooperation with investigators. Mirabaud served as president of the Swiss Bankers Association from 2003 to 2009, retired from the bank in 2009, and worked as a consultant until 2012. The bank Mirabaud and Cie was not a party to the proceedings and declined to comment.

Separately, the Swiss financial market regulator, FINMA, reported in 2024 that it confiscated 12.7 million Swiss francs in illegally obtained profits from the bank. This action followed violations of financial market legislation and anti money laundering obligations. FINMA noted that the investigation involved business relationships that at one point represented nearly 10 percent of the bank's total assets under management.