A host of leaked data has portrayed Credit Suisse, the famous Swiss bank, as previously holding several accounts which were accused of money laundering. It has also been understood that the accounts had a valuation of over $100 billion for quite a few sanctioned individuals and a few heads of state. The New York Times went on to report that the data leak on Sunday involved more than 18,000 bank accounts. The data simply goes all the way back to the 1940s until into the 2010s, but not any of the current operations.
Credit Suisse Accused Of Sheltering Money Launderers
Among the stalwarts of those having millions of dollars in Credit Suisse, a few names pop out. King Abdullah II of Jordan, and Nervis Villalobos, the former vice-minister of energy for Venezuela- have both been accused of shady activities. King Abdullah II has been previously accused of misappropriating financial aid in his own personal coffers, while Villalobos recently pleaded guilty to money laundering schemes in 2018.
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A few sanctioned individuals who have had accounts in Credit Suisse include sons of a Pakistani intelligence chief who helped in the siphoning of billions of dollars from the United States and a few other countries to support the Mujahideen in Afghanistan during the 1980s.
Banteg, one of the lead developers at Yearn.finance, tweeted that the private financial institution had happily hosted murderers, human traffickers, corrupt officials, and the like. Commenters also took careful note of HSBC- another huge financial institution that had previously paid a lot of fines for aiding international criminals.
Although there is a law in place that effectively prohibits Swiss financial institutions like Credit Suisse from accepting deposits from criminals who are known, the famous bank secrecy laws in the country do make this law pretty easy to evade.
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