According to previously disclosed data, Credit Suisse handled accounts for clients suspected of drug trafficking, corruption, torture and money laundering.
The bank has previously criticized Bitcoin, suggesting that it enabled money laundering and other illicit actions.
Leaked Credit Suisse documents
To the New York Times, an informant revealed details about 18,000 bank accounts worth more than $100 billion to a German newspaper.
The files include King Abdullah II of Jordan, former Deputy Energy Minister Nervis Villalobos of Venezuela, and the two sons of President Hosni Mubarak.
King Abdullah II is accused of raising assets worth more than $100 million using shell companies from the Caribbean. Some are in Sussex, Washington, DC, and Malibu, CA.
Villalobos pleaded guilty to money laundering charges related to bribery. He was sentenced to prison for stock market manipulation and embezzlement of funds worth at least 500 million Egyptian pounds.
The United States and other nations transferred billions of dollars to the mujahideen in Afghanistan through Pakistani intelligence in the 1980s, while Venezuelan officials were embroiled in a long-running corruption scandal.
This incident follows the 2016 and 2017 Panama Papers leaks, which revealed billions of dollars in illicit cash handled by some of the world’s leading financial institutions.
Citroën rejects the complaint
The century-old bank with more than $20 billion in revenue said it was not involved in any illicit activity. “The laws, the methods and the expectations of the financial institutions were very different,” said Candice Sun, a spokeswoman for the institution.
However, some of those accounts remained active until the late 2010s, when strict restrictions were imposed by global authorities.
With respect to the remaining active accounts, we are confident in our judgments thanks to our due diligence, reviews and other control measures.” Renewal –
“This is a deliberate attempt” to destroy the bank and the Swiss financial system, the leaks claim.
Credit Suisse and Bulgarian drug traffickers have a long relationship. Days before the data leak, the Swiss bank was accused of helping a Bulgarian drug cartel launder millions of dollars.
For years, the bank and its former relationship managers allegedly failed to prevent illegal currency laundering. They demanded almost 45 million dollars in damages.
In response to any accusation, Credit Suisse stated that it “will defend itself vigorously in court.”
Irony of money laundering
Tidjane Thiam, then CEO of Credit Suisse, had nothing but bad things to say about bitcoin, despite its recent high of $20,000 in late 2017.
“Bitcoin has several flaws. The first is anonymity. My opinion is that most institutions are wary of dealing with a currency that can be used to launder money.”
Interesting. From 2015 to 2020, Thiam was the CEO of the bank.
A former CEO of the bank says that bitcoin is used in money laundering activities. In addition, the statistics showed that his group had been doing it since the 1940s.
A former Credit Suisse executive, David Olsson, has joined BlockFi as global CEO.
