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AP National Business

Swiss drop case linked to Saudi funds for ex-Spanish king

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Published 8:00 AM

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Geneva prosecutors have fined a Swiss bank for failing to alert money laundering authorities about millions in funds from Saudi Arabia that went to former Spanish King Juan Carlos and his ex-lover, but have dropped any charges against his associates in the case. The Geneva prosecutor’s office partially dropped an investigation opened three years ago of five people for alleged money laundering. It decided that Mirabaud bank had failed to properly communicate with the Swiss money laundering office. The Swiss investigation was prompted after reports in Spanish media about possible illegal payouts benefiting the king in the awarding of public contracts to Spanish companies. Juan Carlos, 83, has reportedly been living in the United Arab Emirates since mid-2020.

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