Swiss Court Finds Credit Suisse Guilty Of Money Laundering By Drug Traffickers

One of the biggest banks in the nation, Credit Suisse, was found guilty by the Swiss Federal Criminal Court of failing to stop the money laundering by a Bulgarian organization engaged in cocaine trafficking. It is the first criminal trial involving the bank, and according to analysts, the ruling is a turning point for the nation’s entire banking sector, according to Reuters.

The corporation could be held accountable under Swiss law for faulty planning or for failing to take all necessary precautions to stop the crime. The penalty is assessed at 2.1 million CHF. The court mandated the seizure of assets worth more than 12 million francs that narcotics traffickers had stored in Credit Suisse accounts. Due to Credit Suisse’s internal issues, the court ordered the bank to forfeit more than 19 million francs that could not be taken as a result.

A former relationship manager of the bank was given a suspended 20-month prison term and a fine for money laundering by the court. Switzerland and the former manager were charged with enabling the alleged Bulgarian cocaine trafficking ring, which was run from 2004 to 2008 by former wrestler Evelin Banev, to launder millions. The former relationship manager was accused of participating in transactions totaling more than CHF 146 million, including CHF 43 million in cash, some of which was packed in suitcases, that assisted in hiding the unlawful origin of money for customers.

source: reuters.com

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