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Credit Suisse Bank Handled ‘Dirty Money’ For Decades, ‘Swissleaks’ Investigation Reveals

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New Delhi: Within the newest cross-border media investigation, it’s revealed that Credit score Suisse financial institution held tens of billions of euros of “soiled cash” for many years. The investigation relies on a large knowledge leak from an insider, in line with the AFP report.

The investigation has been carried out by the Organized Crime and Corruption Reporting Undertaking (OCCRP), which unites 47 completely different media retailers worldwide together with France’s Le Monde and The Guardian in Britain, in line with the information company.

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What are the findings of the investigation?

Dubbed as “SwissLeaks”, the most recent OCCRP investigation started when knowledge was leaked to Germany’s Suddeutsche Zeitung newspapers a bit over a 12 months in the past.

Based on the investigation, Credit score Suisse had violated worldwide banking guidelines by holding funds linked to crime and corruption over a number of a long time, wrote Le Monde.

Throughout the investigation, round 90 p.c of the accounts reviewed have been closed or have been within the strategy of being closed. Additionally, greater than 60 p.c of them had been closed earlier than 2015, in line with the AFP report.

The sums recognized within the leaked accounts quantity to greater than $100 billion, (88 billion euros), in line with Le Monde. Curiously, they contain primarily growing international locations in Africa, the Center East, Asia, and South America. Just one p.c of the accounts involved shoppers primarily based in western Europe.

Credit score Suisse, Switzerland’s second-largest financial institution, was hit by a collection of setbacks a 12 months in the past. In March 2021, the financial institution was hit by the collapse of Greensill Capital by which it had dedicated some $10 billion {dollars} by way of 4 funds. The implosion of the US fund Archegos price it greater than $5 billion.

Financial institution’s Response 

Credit score Suisse rejected the “allegations and insinuations” in a press release, saying that lots of the points raised have been historic, some courting again so far as the Nineteen Forties.

The leak included info on greater than 18,000 financial institution accounts courting again to the Nineteen Forties and as much as the tip of the 2010 decade belonging to 37,000 people or corporations, mentioned the OCCRP.

The financial institution mentioned, “Credit score Suisse strongly rejects the allegations and insinuations concerning the financial institution’s purported enterprise practices.”

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