Credit Suisse Bank, which is involved in money laundering

Credit Suisse Bank, which is involved in money laundering

Earthquake in the banking system after Credit Suisse is accused in a Swiss court of allowing an alleged Bulgarian gang of cocaine traffickers to launder millions of euros, CNN reports.

In addition, the Swiss press writes that the situation is not unique. Specifically, Credit Suisse is not the only Swiss bank that has helped launder money from drug trafficking.

According to Swiss prosecutors, the second largest bank in the country and one of its former public relations managers have not taken all necessary measures to prevent alleged drug traffickers from hiding and laundering cash. between 2004 and 2008.

In its defense, “Credit Suisse unreservedly rejects as unfounded all allegations in this inherited matter against it and is convinced that its former employee is innocent,” the bank said in a statement to Reuters.

In the legal-financial context, in connection with the first criminal proceedings of a major Swiss bank, prosecutors are seeking compensation of approximately 42.4 million Swiss francs from Credit Suisse. Interest in Switzerland has grown even more in the context in which this could lead to a harsher attitude of prosecutors towards the country’s banks.

Specifically, the indictment, which consists of no less than 500 pages, mentions the relationship that Credit Suisse and its former employee had with former Bulgarian fighter Evelin Banev and several associates, two of whom are defendants in this case.

On the other hand, a second indictment in this case accuses a former manager of Julius Baer of facilitating money laundering.

What do lawyers say?

It should be noted that, according to statements made by a legal representative of the former employee of Credit Suisse, whose name cannot be disclosed in accordance with Swiss privacy laws, this case is unjustified and his client has denied any misconduct.

A reaction in this regard also came from a lawyer of the two alleged members of the gang, who are accused of several counts of embezzlement, fraud and forgery of documents before the Swiss federal court, but which cannot be appointed under the Swiss laws on privacy, declined to comment.

Moreover, another lawyer of the former relationship manager Julius Baer did not respond to requests for comment. It should be noted that Banev, who is not facing charges in Switzerland, was convicted of drug trafficking in Italy in 2017 and then in Bulgaria in 2018 for being part of a criminal organization active in trafficking tons of cocaine. from Latin America.

However, he later disappeared, but in September last year he was arrested in Ukraine, where Bulgarian prosecutors are requesting his extradition to be charged with forming an organized criminal group and drug trafficking, according to Interpol data, consulted from CNN.