Whistleblower Leaks Secret Details on 30,000 Credit Suisse Accounts Worth $108 Billion

A "massive leak" by a whistleblower revealed the secret details of bank accounts linked to more than 30,000 Credit Suisse clients around the world, reports the Guardian. They note that Credit Suisse is one of the world's largest private banks, as well as Switzerland's second-biggest lender, with 50,000 employees - and yet the leaked information "points to widespread failures of due diligence by Credit Suisse, despite repeated pledges over decades to weed out dubious clients and illicit funds," including "clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes." The accounts are worth more than $108 billion USD (that's 100 billion Swiss Francs or 80 billion)...The Guardian is part of a consortium of media outlets given exclusive access to the data. We can reveal how Credit Suisse repeatedly either opened or maintained bank accounts for a panoramic array of high-risk clients across the world. They include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of his Lebanese pop star girlfriend and executives who looted Venezuela's state oil company, as well as corrupt politicians from Egypt to Ukraine. One Vatican-owned account in the data was used to spend 350m (290m) in an allegedly fraudulent investment in London property that is at the centre of an ongoing criminal trial of several defendants, including a cardinal.... This month, Credit Suisse became the first major Swiss bank in the country's history to face criminal charges - which it denies - relating to allegation it helped launder money from the cocaine trade on behalf of the Bulgarian mafia. However, the repercussions of the leak could be much broader than one bank, threatening a crisis for Switzerland, which retains one of the world's most secretive banking laws... Over the past three decades, Credit Suisse has faced at least a dozen penalties and sanctions for offences involving tax evasion, money laundering, the deliberate violation of US sanctions and frauds carried out against its own customers that span multiple decades and jurisdictions. In total, it has racked up more than $4.2bn in fines or settlements. That includes the $2.6bn the Swiss bank agreed to pay US authorities after pleading guilty to conspiring to aid tax evasion in 2014; the $536m it was fined by the US five years before for deliberately circumventing US sanctions against countries including Iran and Sudan in 2009, and other payouts to Germany and Italy over tax evasion allegations. Jeff Neiman, a Florida-based attorney who represents a number of Credit Suisse whistleblowers, believes the sheer number of scandals involving the bank indicates a deeper problem. "The bank likes to say it's just rogue bankers. But how many rogue bankers do you need to have before you start having a rogue bank?" he said. Neiman alleges there has been a culture at the bank "which encourages its bankers probably from the top down to hear no evil, see no evil, speak no evil, bury their heads in the sand on a good day, and on many days, actively assist folks to skirt whatever the law may be in order to best protect assets under management...." The debate over whether Switzerland's banking industry has undergone sufficient reforms is likely to be renewed in light of the leak. "Nearly 50 media organisations have spent months poring over the data," reports the BBC:But the Swiss bank rejected the allegations in a statement on Sunday, saying it strongly rejected the allegations and insinuations about the bank's alleged business practices or lack of due diligence carried out. "The matters presented are predominantly historical, in some cases dating back as far as the 1940s, and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context", it said.... "Approximately 90% of the reviewed accounts are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015," it said, although it would not comment on specific clients mentioned.... In a statement published by German newspaper Suddeutsche Zeitung, the anonymous source explained their motivation for leaking the records more than a year ago. "I believe that Swiss banking secrecy laws are immoral. The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders," they wrote.... It follows other scandals for the Swiss bank, including the departure of two of its top executives after allegedly breaking Covid regulations and spying on former staff.

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