Credit Suisse denies wrongdoing after client data leaked to media
One AmericaJul 28, 2022
Credit Suisse Found Guilty in Cocaine Cash Laundering Case
Image copyright: Reuters [via New York Post]
The Facts
Credit Suisse, Switzerland's second-largest bank, has been found guilty and fined by Switzerland's Federal Criminal Court for its involvement in money laundering relating to a Bulgarian drug ring. The court also found a former employee guilty of money laundering.
The prosecutors allege that the former employee, Elena Pampoulova-Bergomi, a former Bulgarian tennis player, had built an informal financial relationship with former Bulgarian wrestler Evalin Baney, who was a major figure in a European cocaine smuggling ring. The bank accepted millions of Euros in bank deposits between 2004 and 2008.
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.