Drug money: Federal Prosecutor accuses CreditSuisse of money laundering

Federal prosecution accuses CS of money laundering from drug trafficking – the bank defends itself

The Federal Prosecutor’s Office (BA) has brought charges against Credit Suisse and members of a Bulgarian criminal organization to the Federal Criminal Court. It is about the international drug trade and large-scale money laundering. A Bulgarian fighter was in charge of the mafia clan.

According to a statement Thursday, the BA filed charges after extensive investigations into the Bulgarian organization’s Swiss business activities.

After the end of communism in Bulgaria, many elite athletes were left without financial support, the BA writes in its statement. Mafia clans have also approached many fighters.

And one of them built a hierarchically structured and branched criminal structure with cocaine trafficking and money laundering and administered it from the early 2000s to 2012. During this time, according to the BA, the man organized the importation of several dozen of tons of cocaine from South America to Europe via ship and plane couriers.

Cocaine trafficking and money laundering

According to the BA, the proceeds from the sale of narcotics were deposited in bank accounts in Switzerland between 2004 and 2007 at least. After that, the money was smuggled into the legal business cycle by purchasing property in Bulgaria and Switzerland.

Credit Suisse accuses the BA of failing to take all necessary and reasonable organizational measures to prevent money laundering of assets that belonged to the criminal organization and were under its control. The BA is simultaneously filing charges against a former bank account manager and two members of the criminal organization.

CS rejects the accusations

Credit Suisse rejected allegations of alleged organizational shortcomings on Thursday. The decision of the Federal Prosecutor’s Office to file charges against the bank, among others, was noted with surprise. The accusations are unfounded and unfounded.

The CS will defend its position resolutely. After years of processes, in the course of which several complaints were withdrawn and others had already expired, the federal prosecutor’s office has brought charges against the bank and a former employee, among other things, the bank writes.

For example, an investigation against a second former CS employee was suspended. Credit Suisse is also convinced of the innocence of its former employee, writes the big bank.

The BA notes that it has refrained from bringing charges against all defendants in the matter. Several of them had been convicted by self-punishment. Those affected may oppose these criminal orders within a period of ten days.

(hour / sda)