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On February 20, 2022, Credit Suisse – one of the world’s largest private banks caused a stir after leaking data that exposed the secrets of many customers’ assets involved in crimes such as trafficking. drugs, money laundering, torture, corruption and many other dangerous crimes.
Credit Suisse leaked data
According to major media outlets, the leaked data includes accounts related to about 30,000 Credit Suisse customers including accounts opened between the 1940s and 2010s, but not the activities present. There are also accounts of more than $100 billion of sanctioned individuals and heads of state accused of money laundering.
However, the Swiss Bank Secrecy Law protected Credit Suisse from having to disclose whether it was a banking criminal activity, which is the opposite of what blockchain technology offers in terms of transparency. .
Among those holding multi-million dollar accounts at Credit Suisse is Abdullah II – King of Jordan and former Deputy Minister of Energy of Venezuela, Nervis Villalobos. He was charged with embezzlement of financial aid for his personal gain, while Villalobos pleaded guilty to money laundering in 2018.
In addition, other sanctioned individuals also have accounts at Credit Suisse, as the New York Times wrote:
Other account holders include the son of a Pakistani intelligence chief who helped transfer billions of dollars from the United States and other countries to the (Mujahideen) in Afghanistan during the 1980s.
The leaked data is mainly from customers in developing countries in Asia, Africa, the Middle East and South America. The Guardian said:
They include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of a Lebanese pop star girlfriend and executives. stole from Venezuela’s national oil company, as well as corrupt politicians from Egypt to Ukraine.
Credit Suisse denies all allegations
Credit Suisse denied all allegations in the following statement:
Issues have been raised primarily in the past, in some cases dating back to the 1940s, and reports of these issues are based on partially, inaccurate or selectively released information. context, leading to purported interpretations of the bank’s business.
In addition, about 90% of the aforementioned accounts were or are in the process of being closed prior to the investigation, of which more than 60% were closed before 2015.
Switzerland has long had a reputation as one of the world’s most opaque financial centers. The country’s banking secrecy laws have made it an attractive place for criminals to operate international banking. The New York Times wrote:
The leak shows that Credit Suisse has opened accounts and continues to serve not only the super-rich, but also those with problematic backgrounds that could be obvious to anyone using the search engine. .
In fact, over the past two decades, Credit Suisse has been embroiled in dozens of scandals and has had to pay fines of more than $10 billion.
This month, the bank also became the first major Swiss lender to face money-laundering charges. However, Credit Suisse has also denied this allegation.
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