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Credit Suisse found guilty by Swiss court in cocaine cash laundering case

Credit Suisse first major Swiss bank to face criminal trial; Credit Suisse said the case arose from a investigation that dated back more than 14 years

Photo: Bloomberg
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Photo: Bloomberg

Reuters Bellinzona, Switzerland
Credit Suisse was convicted by Switzerland's Federal Criminal Court on Monday of failing to prevent money-laundering by a Bulgarian cocaine trafficking gang in the country's first criminal trial of one of its major banks.
 
A former employee was found guilty of money-laundering in the trial, which included testimony on murders and cash stuffed into suitcases and is seen as a test case for prosecutors taking a tougher line against the country's banks.
 
The ruling marks another headache for Switzerland's second-biggest bank, which has been reeling from billions in losses racked up via risk-management and compliance blunders.
 
Federal prosecutor Alice de

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Jun 27 2022 | 11:20 PM IST

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