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Credit Suisse faces money laundering charges in Bulgarian cocaine traffickers trial

Published: February 7, 2022 | Print Friendly and PDF
  Gab
 

Source: Reuters

Credit Suisse faced charges in a Swiss court on Monday of allowing an alleged Bulgarian cocaine trafficking gang to launder millions of euros, some of it stuffed into suitcases.

In the first criminal trial of a major bank in Switzerland, Swiss prosecutors are seeking around 42.4 million Swiss francs ($45.86 million) in compensation from Credit Suisse (CSGN.S).

They say the country's second-biggest bank and one of its former relationship managers did not take all necessary steps to prevent the alleged drug traffickers from hiding and laundering cash between 2004 and 2008.

"Credit Suisse unreservedly rejects as meritless all allegations in this legacy matter raised against it and is convinced that its former employee is innocent," the bank said in a statement to Reuters. It added it would "defend itself vigorously in court".

The case has attracted intense interest in Switzerland, where it is seen as a test for prosecutors taking a potentially tougher stance against the country's banks.

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