Zürich, Europe Brief News – The Suisse Secrets leak exposes the hidden wealth of Credit Suisse clients. The leak also suggests that most of the clients of Credit Suisse historically involved in torture, Corruption, Money laundering and several other crimes.
The leaked papers withdrew the data of more than 30,000 clients all over the world and indicated widespread failures of due diligence by Credit Suisse.
An anonymous whistleblower leaked the data to the popular German newspaper Süddeutsche Zeitung. The Newspaper shared the data with non-profit journalism group, The Organised Crime and Corruption Reporting Project and 46 other news organisations.
Despite a number of pledges over the years to knock down uncertain clients and illicit funds, the leak reveals the bank repeatedly opened and maintained bank accounts for high risk clients.
There are a number of renowned people who are holding accounts worth millions of dollars in Credit Suisse.
King Abdullah II of Jordan and the sons of the former strongman Honsi Mubarak are among those people with million dollar accounts in the bank.
The leak also shed light on the fact that bank opened accounts not only for Massively Wealthy people but also for the people who had a problematic background and have been involved in crimes.
Daniel Thelesklaf, the former head of Switzerland’s anti-money laundering agency said “ Swiss banks have long faced legal prohibitions on taking money linked to criminal activity but the law has not been generally enforced”.
Credit Suisse Response
Credit Suisse said “ It strongly rejects allegations of wrongdoing and Switzerland‘s strict banking secrecy laws prevent it from commenting on claims relating to individual clients”.
The bank further added that the claims were mostly historical, Mostly coming from a time when the system was not that strong to implement the laws to stop such happenings.
The Whistleblower said “ I believe that Swiss banking secrecy laws are immoral and the pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of Tax evaders”.
Credit Suisse
Credit Suisse is a global investment bank and financial services firm founded by Alfred Ascher in Switzerland in 1856.
In 2021, the bank was fined €83.3 million for manipulating foreign currency exchange rates because of its involvement in a cartel detrimental to EU consumers.
