Swissinfo on 2nd October reported that Julius Baer has turned to a US law firm, Quinn Emmanuel Urquhart & Sullivan LLP, to help scour the accounts of convicted banker Matthias Krull, who pleaded guilty in August to helping launder $1.2 billion from Venezuela’s state-owned oil producer, Petroleos de Venezuela SA. Krull is German, and was working in Panama when he committed the crimes. Krull is said to be co-operating with investigators, who are also looking into Venezuelan President Nicolas Maduro, his 3 stepsons, and Raul Gorrin, owner of the Globovision television network in Venezuela. The investigation could take 6 months and cost more than $20 million, the article says. Julius Baer has asked the law firm to review more than 500 accounts worth more than $500 million that Krull managed to determine if he acted alone or if he had help from other employees. In 2016, in a separate case, deferred-prosecution agreement, Julius Baer paid $547 million and agreed to co-operate with any US government agency to flag all criminal conduct by its employees for any violations of federal law, and 2 bankers pleaded guilty. Finma, Switzerland’s financial regulator, is said to be monitoring the bank’s review.