Credit Suisse denies wrongdoing after client data leaked to media
One AmericaAUG 2022
Credit Suisse Found Guilty in Cocaine Cash Laundering Case
Image copyright: Reuters [via New York Post]
The Spin
Establishment-critical narrative
It's a historic court decision when Switzerland's second-biggest bank stands trial for money laundering. In Switzerland, bank secrecy laws result in a low general level of transparency. This court decision is a wake-up call and can hopefully lead to increased measures against financial crimes in Switzerland. Finally, financial institutions are facing accountability.
Pro-establishment narrative
This is an old case, originating a decade and a half ago. Like all banks, Credit Suisse is continuously testing its anti-money-laundering framework and has been strengthening it over time. The bank will simply follow the legal process and appeal the court's decision.