Jakarta, CNBC Indonesia - The name of the Swiss banking giant, UBS,\nhas been dragged into the vortex of the sexual crime case involving\nJeffrey Epstein and his associate, Ghislaine Maxwell. The latest\ndocuments from the US Department of Justice reveal UBS\u2019s role in the\nflow of funds used by Maxwell to purchase a hiding property before her\narrest.<\/p>\n
A Reuters report on Saturday (28\/3\/2026) states that the remote\n156-hectare property in New Hampshire, nicknamed \u201cTucked Away\u201d, was\nbought in cash in December 2019 for US$1.1 million, or approximately\nRp17.05 billion. The house became Maxwell\u2019s hiding place until she was\narrested by the FBI in July 2020.<\/p>\n
Based on investigation documents, the funds for purchasing the house\ncame from a UBS transfer sent a month earlier through a network of\ntrusts and bank accounts. The transfer was still processed even though\nUBS had received a court subpoena from US authorities in August 2019\nregarding the child sex trafficking investigation involving Epstein.<\/p>\n
UBS was even known to continue handling transactions for\nMaxwell-related accounts about three months after the subpoena was\nissued. In internal communications, the bank informed Maxwell that their\nbusiness relationship would be terminated within one month, without\nexplaining the reason.<\/p>\n
\u201cBanks informed of a criminal investigation usually try to seek\npublic information to justify freezing funds,\u201d said Tom Kirchmaier, a\nfinancial crime expert from the London School of Economics.<\/p>\n
The documents also reveal that UBS transferred nearly US$8 million,\nor approximately Rp124 billion, in November 2019 from the Montpelier\nTrust account, an entity established by Maxwell, to an investment\naccount that was subsequently used to buy the property.<\/p>\n
This flow of funds occurred while UBS was still in discussions with\nthe FBI regarding documents requested via a grand jury subpoena. To\ndate, it remains unclear whether those transactions were reported as\nsuspicious activity to authorities, as required for banks operating in\nthe US.<\/p>\n
The case once again highlights the role of financial institutions in\nhandling high-risk clients. US Senator Ron Wyden assessed that banks\noften ignore red flags to retain wealthy clients.<\/p>\n
\u201cThe pattern we see is that banks turn a blind eye because very\nwealthy clients can easily move their money elsewhere,\u201d said Wyden.<\/p>\n
He also emphasised that Maxwell was not just a minor player in the\nEpstein case. \u201cGhislaine Maxwell was not just a small-time accomplice in\nEpstein\u2019s crimes; she was an essential part of a human trafficking\noperation that spanned the globe,\u201d he stated.<\/p>\n
The documents also show that Epstein continued to have access to\nmajor Wall Street financial services even after his 2008 conviction,\nhighlighting weaknesses in oversight of high-profile clients.<\/p>\n
Maxwell\u2019s Wealth Trail<\/p>\n
In court documents, the combined wealth of Maxwell and her\nthen-husband, Scott Borgerson, was estimated at US$22.5 million, or\napproximately Rp348.75 billion, in 2020.<\/p>\n
Much of that wealth came from the sale of a Manhattan property worth\nUS$15 million (Rp232.5 billion) in 2015. The funds then flowed through\nUBS accounts for various investments, including the purchase of the New\nHampshire property.<\/p>\n
UBS was known to have managed up to US$19 million (Rp294.5 billion)\nof Maxwell\u2019s funds. In October 2020, she still had about US$4.1 million,\nor Rp63.55 billion, at the bank.<\/p>\n
In addition to UBS, British bank Barclays was also mentioned as\nholding Maxwell\u2019s funds outside the US, with a balance of US$2.4\nmillion, or approximately Rp37.2 billion, in 2018.<\/p>\n
Maxwell was arrested by the FBI at the \u201cTucked Away\u201d property after\nusing the alias \u201cJanet Marshall\u201d and claiming to be a journalist to\nmaintain her privacy when buying the house.<\/p>\n
At the time of arrest, authorities found a mobile phone wrapped in\naluminium foil to avoid tracking, as well as a security system involving\nformer British military personnel.<\/p>\n
Maxwell was convicted in 2021 and sentenced to 20 years in prison for\nher role in recruiting and exploiting underage girls in Epstein\u2019s\nnetwork.<\/p>\n
To date, UBS and several related parties have refused to provide\ndetailed comments on the transactions and their relationship with\nMaxwell.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/giant-bank-implicated-in-epstein-case-funded-maxwells-hiding-place-1774684277", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }