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Credit Suisse: Swiss Federal Prosecutor's Office files charges - suspected money laundering

2020-12-17T14:29:27.660Z

Credit Suisse is said to have not prevented money laundering in drug deals enough. The big bank and members of a criminal organization from Bulgaria are now charged. The financial institution rejects the allegations.



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Credit Suisse headquarters on Paradeplatz in Zurich

Photo: ARND WIEGMANN / REUTERS

The Swiss Federal Prosecutor's Office has brought charges against Credit Suisse.

The investigators accuse the big bank of not having taken all the necessary organizational measures to prevent money laundering of the assets of a criminal organization, as announced by the Federal Prosecutor's Office.

The background is extensive investigations into the Swiss business activities of a criminal organization from Bulgaria.

According to the Federal Prosecutor's Office, a former top Bulgarian athlete had cocaine smuggled from South America to Europe for more than ten years until 2012.

He had been sentenced to long prison terms in several European countries.

The proceeds from the criminal business were deposited in Switzerland and channeled into the legal economic cycle through property purchases.

Organizational failure?

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Dispute between top bankers: Cabal on Lake Zurich by Tim Bartz

A Credit Suisse client advisor carried out transactions despite strong evidence that the funds came from a crime, according to the federal prosecutor.

The bank did not fulfill its duty under the money laundering regulations.

The control system was inadequate.

The bank said that independent experts had certified that the Federal Prosecutor's Office had used rules and principles for the assessment that did not exist in the relevant period or that had deliberately not been implemented in Swiss law.

The charges extend to the bank, a former account manager and two members of the criminal organization.

The bank announced that it had taken note of this "with surprise".

"Credit Suisse rejects the allegations made against it in all forms and is also convinced of the innocence of its former employee."

Credit Suisse has recently repeatedly been at the center of scandals.

CEO Tidjane Thiam resigned at the beginning of the year in the wake of a sensational shadowing affair.

One of his top bankers had previously switched to rival bank UBS after a heated argument at a garden party.

Read about it here: Cabal on Lake Zurich.

With regard to the current allegations, Credit Suisse announced that it would resolutely defend its position.

In such proceedings, the Swiss Federal Criminal Court could impose a fine of up to five million francs in addition to profit confiscation.

However, Credit Suisse expects that it will win based on the facts before the federal criminal court.

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apr / dpa

Source: spiegel

All business articles on 2020-12-17

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