Banque J. Safra Sarasin SA and one of its former relationship managers convicted by summary penalty order

This conviction relates to the international corruption case known as “Lava Jato”, involving the Brazilian state-owned oil company Petrobras, which is the private claimant in these proceedings. In this context, in November 2018, the OAG opened a criminal investigation against Banque Safra, one of its former relationship managers and unknown persons on suspicion of complicity in bribery of foreign public officials (Art. 25 Swiss Criminal Code (SCC) in conjunction with Art. 322^septies SCC) and aggravated money laundering (Art. 305^bis (1) and (2) SCC) in connection with Art. 102 para. 2 SCC. In July 2019, the investigation was extended to a third defendant, an employee of Banque Safra, for the same offences.

By summary penalty order of 22 August 2025, Banque Safra was found guilty of violating Article 102 para 2 SCC in connection with aggravated money laundering (Article 305^bis (1) and (2) SCC) and sentenced to a fine of CHF 3.5 million. This amount takes into account the time that has elapsed since the offence was committed, as well as the various corrective measures taken by the bank, including organisational measures, following the outbreak of the Petrobras case. The OAG also found a former relationship manager guilty of aggravated money laundering (Art. 305^bis (1) and (2) SCC). She was sentenced to a six months' custodial sentence with a two-year probation period. This sentence also takes into account the time that has elapsed since the offence and her personal circumstances.

Criminal origin of funds

The investigation established that some of the former relationship manager's clients, specifically acquired while she was working at Banque Safra, were involved in the “Lava Jato” case. In this context, several bank accounts were opened with Banque Safra in Switzerland and used to receive or transfer corrupt payments from approximately ten companies operating in the oil and construction sectors. These payments were intended for senior executives of the state-owned company Petrobras, also clients of Banque Safra, to promote the interests of these companies in the award, negotiation and/or continuation of contracts entered with Petrobras and/or its subsidiaries. Some of these clients followed the former relationship manager to her new employer after she left Banque Safra in 2011.

Corporate criminal liability

The investigation revealed numerous shortcomings within Banque Safra. The bank's disorganisation enabled the commission of aggravated money laundering offences in the form of transfers for a total amount of approximately USD 42.5 million. To this amount must be added transfers totalling USD 28.5 million, which were executed by the bank but refused by the recipient banks. These breaches undermined the integrity of the Swiss financial centre. Banque Safra was therefore found guilty of violating Article 102 para. 2 SCC in connection with the aggravated money laundering offence committed within the bank.

In view of the payment of the settlement amount of CHF 16 million by Banque Safra to Petrobras, the OAG is not ordering any compensatory claim, it being also specified that most of the funds transferred within Banque Safra were blocked by the criminal authorities and repatriated to Brazil.

Criminal liability of the relationship manager

During her professional activities at another Swiss bank, between 15 November 2011 and 30 July 2014, the former relationship manager committed acts intended to hinder the identification and confiscation of assets derived from the offence of bribery of foreign public officials (Art. 322^septies SCC). Her actions lasted more than three years and involved more than USD 29.2 million. The defendant was therefore found guilty of aggravated money laundering under Art. 305^bis (1) and (2) SCC.

Abandonment

As the investigation did not establish that the former relationship manager and Banque Safra had intentionally assisted in the execution of the corrupt payments under investigation, the criminal proceedings against them on suspicion of complicity in bribery of foreign public officials (Art. 25 and Art. 322^septies SCC, in conjunction with Art. 102 para. 2 SCC) were abandoned (Art. 319 para. 1 (b) SCC). The OAG also abandoned the proceedings started against the third defendant on suspicion of complicity in bribery of foreign public officials (Art. 25 and Art. 322^septies SCC) and aggravated money laundering (Art. 305^bis para. 1 and 2 SCC).

Procedures for removal of the seals

The investigation was significantly complicated and delayed by the procedures for removing seals conducted in parallel by the competent compulsory measures court. In particular, the OAG had access to the contents of the email accounts of the two defendants (natural persons) in November and December 2024, almost five and a half years after the search was conducted and the request for the removal of the seals was filed.

Entry into force

The parties have declared that they will not appeal the summary penalty and abandonment of proceedings order. The order is therefore final and can be consulted or obtained in anonymous form, subject to the usual conditions, upon request to the OAG’s Legal Service (rechtsdienst@ba.admin.ch).

Original text of the press release in French.