Posted on 06/27/2022 10:05:55 PM PDT by bitt
Credit Suisse and a former employee have been found guilty by Switzerland's Federal Criminal Court of failing to prevent money-laundering.
The criminal trial is the country's first of one of its major banks.
Credit Suisse faces a fine of 2 million Swiss francs ($2.1 million).
Credit Suisse and a former employee have been found guilty by Switzerland's Federal Criminal Court of failing to prevent money-laundering in the country's first criminal trial of one of its major banks.
The trial — which included testimony on murders and cash stuffed into suitcases — is seen as a test case for prosecutors taking a potentially tougher line against the country's banks.
The judges looked at whether Credit Suisse and the former employee did enough to prevent an alleged Bulgarian cocaine trafficking gang from laundering profits through the bank from 2004 to 2008.
Both Credit Suisse and the former employee had denied wrongdoing.
The court said on Monday it found deficiencies within Credit Suisse both with regard to the management of client relations with the criminal organization and with regard to the monitoring of the implementation anti-money laundering rules.
"These deficiencies enabled the withdrawal of the criminal organization's assets, which was the basis for the conviction of the bank's former employee for qualified money laundering," the court said.
(Excerpt) Read more at cnbc.com ...
p
No more Thomas Crown Affairs.
Sounds like what would be read and rported about many of our politicians were the law ‘enforced’ in our country.
Start of a trend? Knock wood.
Silly should have opened a global initiative charity like the Clintons and obama
2 million Swiss francs ($2.1 million)
______
I remember when there were like 5 Swiss Francs to a dollar (1960 ties).
Now, the same Francs are worth more than a dollar!
Which country is better run?
According to the link the people getting their money laundered was a Bulgarian cocaine trafficking gang.
This sounds like a win but I bet the bank was punished for laundering a non-approved illegal source. This gang was probably competition for an approved Eastern European cocaine trafficker.
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