Monday, January 18, 2021

Switzerland charges Credit Suisse for aiding Bulgarian money laundering ring

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Switzerland’s attorney general’s office has indicted Credit Suisse over alleged failings related to a Bulgarian criminal ring, which it said laundered the proceeds of drug trafficking through the bank between 2004 and 2008.

The Office of the Attorney General said in a statement on Thursday that a former manager at Credit Suisse and two alleged members of the criminal organisation had also been indicted before the Swiss Federal Criminal Court.

“(Credit Suisse) is accused of failing to take all the organisational measures that were reasonable and required to prevent the laundering of assets belonging to and under the control of the criminal organisation,” it said.

Switzerland’s second-largest bank said in a statement that it “unreservedly” rejected the allegations against it and was convinced that its former employee was innocent.

“Credit Suisse takes note with astonishment of the decision of the Office of the Attorney General of Switzerland to bring charges against the bank and other parties in an investigation that has already lasted more than twelve years,” it said.

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