Investigation Claims Credit Suisse Handled Dirty Money Amounting To $8 Billion

Credit Suisse, Switzerland’s second-largest bank, was rattled on Sunday by a huge investigation by dozens of media platforms. The investigation was into leaked data that indicated the bank maintained more than $8 billion in accounts of criminals, autocrats, and human rights abusers.

The “Suisse Secrets” leaked document, which purports to disclose how Credit Suisse handled billions of dollars in dirty money, has reawakened pressure on Switzerland’s financial sector, which has spent years attempting to improve its image. Visit bd-people.com.

According to leaked secret documents, Credit Suisse allegedly banked with high-risk clients despite substantial red flags. Even when the bank promised to crack down on illicit money, the problem persisted. 

Hundreds of shady consumers, including politicians, have been identified by journalists. People from all over the world were exposed, beginning in the 1940s and continuing until the present decade.

Today, the Organized Crime and Corruption Reporting Project (OCCRP), Süddeutsche Zeitung, The Guardian, and 45 other media outlets released the Suisse Secrets investigations. It revealed previously unknown breaches, dubious clients, and the volume of dirty money reprocessed by Credit Suisse, one of Switzerland’s largest banks. 

Following yet another major bank scandal, governments worldwide must take urgent action against these professional financial crime accomplices.

Credit Suisse bank’s response to these allegations. 

The bank strongly denied the “allegations and insinuations” made by the Organized Crime and Corruption Reporting Project, a non-profit media organization (OCCRP).

Credit Suisse denied the charges and stated that it had implemented all necessary procedures in the case of flagged accounts.

According to the statement, many issues raised in the investigation were older, with some extending back more than 70 years. Ninety percent of the accounts in question had been closed.

“Appears to be a deliberate effort to undermine not only the bank but the Swiss financial marketplace as a whole,” it stated of the claims.

Journalists’ results, on the other hand, suggest differently.

 According to the investigations, the bank held US$273 million for Venezuelans accused of diverting funds from the state-owned oil company Petroleos de Venezuela, S.A. (PDVSA). Even after several of them pled guilty to corruption charges, their accounts were apparently kept active. 

Venezuela is on the verge of financial disaster due to the rampant misappropriation of state funds. The country’s score on Transparency International’s Corruption Perceptions Index has dropped considerably over the last decade, with one of the lowest scores in the world in 2021.

Surprisingly, a new investigation by OCCRP reveals the bank’s persistent use of secrecy to entice consumers with lucrative funds.