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Credit Suisse fined for facilitating cocaine cash laundering

Europe Tax Probe
Posted at 12:32 PM, Jun 27, 2022
and last updated 2022-06-27 15:32:39-04

A Swiss court has fined Credit Suisse more than $2 million for failing to prevent money laundering linked to a Bulgarian criminal organization a decade-and-a-half ago.

The court also ordered the confiscation of the equivalent of more than $12 million worth of deposits linked to the criminal group and opened with Credit Suisse. The bank is also on the hook for a compensatory claim of more than $19 million. That's an amount the court said could not be confiscated due to the bank's internal failures, which it said encouraged the money laundering. Zurich-based Credit Suisse said it will appeal the result.

Zurich-based Credit Suisse bank, Switzerland’s second-largest bank after rival UBS, said it will appeal the decision. A former Credit Suisse employee who prosecutors said contributed to the organization’s ability to protect that $19 million from the control of the courts was also found guilty, though the former employee’s fine and 20-month sentence were suspended, the Associated Press reported.