The Abu Dhabi-owned Falcon private bank says it is winding down activities in Switzerland and is in talks with a Swiss rival to take on its existing clients next year. Falcon was taken to task by regulators in both Switzerland and Singapore for its role in channelling assets from the Malaysian 1MDB fraud. The company says it has changed its name to “Falcon Private” but will remain under the supervision of the Swiss Financial Market Supervisory Authority (FINMA) while it hands over its private banking clients and assets to the unnamed bank. “Three years ago, we gave Falcon Private Bank a new profile through innovative ideas and unconventional solutions. However, after a strategic review and evaluating various options, we have concluded that, especially in the current environment, the controlled cessation of Falcon’s banking activities is the best way to protect the interests of our stakeholders,” stated chairman Roberto Grassi on Monday. Falcon, which is owned by the United Arab Emirates sovereign wealth fund…

Priti Patel is using Brexit to change the rules so that EU ID cards can no longer be used as travel documents