Credit Suisse found guilty in cocaine cash laundering case - Reuters.com

Credit Suisse found guilty in cocaine cash laundering case - Reuters.com

Credit Suisse found guilty in cocaine cash laundering case - Reuters.com
Jun 27, 2022 1 min, 31 secs

The judges looked at whether Credit Suisse and the former employee did enough to prevent the cocaine trafficking gang from laundering profits through the bank from 2004 to 2008.

The court said on Monday it found deficiencies within Credit Suisse both with regard to the management of client relations with the criminal organisation and with regard to the monitoring of the implementation anti-money laundering rules.

Credit Suisse said the case arose from a investigation that dated back more than 14 years.

Credit Suisse was fined 2 million Swiss francs ($2.1 million).

The court also ordered the confiscation of assets worth more than 12 million francs that the drug gang held in accounts at Credit Suisse, and ordered the bank to relinquish more than 19 million francs -- the amount that could not be confiscated due to internal deficiencies at Credit Suisse.

The court handed the former employee, who cannot be named under Swiss privacy laws, a suspended 20-month prison sentence and a fine for money laundering.

Corruption and money laundering experts had said the fact that Switzerland had taken legal action against a global banking player like Credit Suisse could send a powerful message in a country famous for its banking industry.

"What is significant about this case is that Switzerland is taking legal action against a company and not just any company - Credit Suisse is one of the jewels in the Swiss crown.".

In the Credit Suisse case, prosecutors alleged the former relationship manager helped to conceal the criminal origins of money for clients through more than 146 million Swiss francs in transactions, including 43 million francs in cash, some of it stuffed into suitcases.

During court hearings in February, the former relationship manager said Credit Suisse learned of murders and cocaine smuggling allegedly connected to the Bulgarian gang but continued to manage cash that became the focus of the trial.

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