Switzerland Financial Crimes Prosecutor Prepares to Close Case & Investigation on Credit Suisse Money-Laundering Offences Committed Between 2008 to 2014
30th June 2023 | Hong Kong
Switzerland financial crimes prosecutor (Yves Bertossa) is preparing to close the case & investigation on Credit Suisse money-laundering offences committed between 2008 to 2014 (Credit Suisse was acquired by UBS in 2023 March, with the legal merger completed in 2023 June). In 2022, Credit Suisse had been fined $2.1 million by a federal criminal court (Switzerland) for money-laundering linked to a Bulgarian cocaine trafficking crime ring, with a further payment of around $20 million to be paid to the Swiss government and a former Credit Suisse employee sentenced to 20 months imprisonment. More info below.
“ Switzerland Financial Crimes Prosecutor Prepares to Close Case & Investigation on Credit Suisse Money-Laundering Offences Committed Between 2008 to 2014 “
Credit Suisse Fined $2.1 Million for Money Laundering Linkedin to Bulgarian Cocaine Trafficking, Additional $20 Million to Swiss Government
1st July 2022 – Credit Suisse had been fined $2.1 million by a federal criminal court (Switzerland) for money laundering linked to a Bulgarian cocaine trafficking crime ring, with a further payment of around $20 million to be paid to the Swiss government and a former Credit Suisse employee sentenced to 20 months imprisonment. The case happened more than 14 years ago and Credit Suisse will appeal the court decision. Credit Suisse Statement: “Credit Suisse Group has taken note of the Swiss Federal Criminal Court’s decision to impose a fine of CHF 2 million against Credit Suisse AG for certain historical organizational inadequacies (article 102 of the Swiss Criminal Code) for the period between July 2007 and December 2008. The investigation dates back more than 14 years. The bank will appeal the decision. Credit Suisse is continuously testing its anti-money laundering framework and has been strengthening it over time, in accordance with evolving regulatory standards. Generating compliant business growth in line with legal and regulatory requirements is key for Credit Suisse.”
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