Armenia Asked to Freeze Magnitsky-Linked Funds

Shortly after the Swiss Supreme Court ordered confiscation of funds tied to the Magnitsky tax-fraud case, millions were transferred from Swiss accounts into Armenian and Israeli financial institutions; reporting traces at least CHF 523,569 from Denis Katsyv’s UBS account to Armenia via Incore Bank AG, Landmark Capital, and Evocabank. Armenian authorities and financial institutions have cited confidentiality and anti-money-laundering rules while prosecutors say they received no information or mutual legal assistance requests from Switzerland; Hermitage Capital has lodged complaints urging freezing and investigation of the funds under Armenian anti-money-laundering laws.