Q, [DS] & CorruptionEurope

Swiss Court Convicts Credit Suisse Over Laundering Drug Money


A Swiss court ordered Credit Suisse to pay the equivalent of US$22 million for failing to prevent a Bulgarian crime ring from laundering money related to cocaine trafficking. The Swiss Federal Criminal Court found on Monday that the bank’s lax regulations and anti-money laundering shortcomings allowed a former employee, who managed relations with the criminal gang, to carry out transfer orders between July 2007 and December 2008 despite “concrete suspicions regarding the criminal origin of the funds,” stated the court on Monday. Her assistance allowed the criminal client to evade more than 19 million Swiss franks ($19.9 million) from the…

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