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Banking secrecy is an issue of global public interest that can have a profound impact on the world’s poorest
Revealed: Credit Suisse leak unmasks criminals, fraudsters and corrupt politicians
Credit Suisse leak raises painful questions for the bank
Massive leak reveals Swiss bank’s accounts have been used by an array of high-risk clients over several decades
A bill to federally legalize marijuana will be voted on by the House Judiciary Committee next week, the panel announced on Friday. The devel
Massive leak reveals Swiss bank’s accounts have been used by an array of high-risk clients over several decades
Massive leak reveals secret owners of £80bn held in Swiss bank
Whistleblower leaked bank’s data to expose ‘immoral’ secrecy laws
Clients included human trafficker and billionaire who ordered girlfriend’s murder
Vatican-owned account used to spend €350m in allegedly fraudulent investment
Scandal-hit Credit Suisse rejects allegations it may be ‘rogue bank’
A massive leak from one of the world’s biggest private banks, Credit Suisse, has exposed the hidden wealth of clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes.
Details of accounts linked to 30,000 Credit Suisse clients all over the world are contained in the leak, which unmasks the beneficiaries of more than 100bn Swiss francs (£80bn)* held in one of Switzerland’s best-known financial institutions.
The leak points to widespread failures of due diligence by Credit Suisse, despite repeated pledges over decades to weed out dubious clients and illicit funds. The Guardian is part of a consortium of media outlets given exclusive access to the data.
We can reveal how Credit Suisse repeatedly either opened or maintained bank accounts for a panoramic array of high-risk clients across the world.
They include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of his Lebanese pop star girlfriend and executives who looted Venezuela’s state oil company, as well as corrupt politicians from Egypt to Ukraine.
One Vatican-owned account in the data was used to spend €350m (£290m) in an allegedly fraudulent investment in London property that is at the centre of an ongoing criminal trial of several defendants, including a cardinal.
The huge trove of banking data was leaked by an anonymous whistleblower to the German newspaper Süddeutsche Zeitung. “I believe that Swiss banking secrecy laws are immoral,” the whistleblower source said in a statement. “The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders.” ...
Analysis: Bosses will have to prove their aversion to dubious wealthy clients if they are to regain trust of markets and regulators
Credit Suisse had a message for investors during its recent earnings call. The bank was planning to change course after a tumultuous 12 months in which it was embroiled in the collapse of the US hedge fund Archegos and the supply-chain finance company Greensill Capital.
“This will not be a quick fix, and we expect 2022 will be a transition year,” the chief executive, Thomas Gottstein, said on a conference call on 10 February. “But we have made clear progress in creating the conditions for a much more stable and predictable bank.”
More “predictable”, in banking parlance, was code for reining in its riskier investment bank – which offers trading, fundraising services and deal advice to firms – and pivoting towards a more stable source of income: wealth management.
Yet that pillar of Credit Suisse’s business – cultivating rich clients for a range of banking services – is precisely what has come under the spotlight in the revelations in the Suisse secrets project.
A massive leak has revealed that Credit Suisse harboured the hidden wealth of clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes. The revelations point to apparently widespread failures of due diligence by the lender, despite repeated pledges to weed out dubious clients and stamp out illicit funds.
In response, Credit Suisse said it was unable to comment on specific clients but “strongly rejects the allegations and inferences about the bank’s purported business practices”, which it said were “based on partial, selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct”.
However, the simultaneous disclosures by 48 media organisations have raised painful questions for the bank. For anyone who has followed the string of scandals in recent years, they will have a familiar ring. ...
"The current predicament of a rapidly expanding national marketplace without access to the national banking systems has resulted in an unten
IDBI Bank employees plan nationwide strike on August 11 against privatization. Officers job security, recruitment, and protection of public
Who guards our banking guardians?
Today has brought up a stream of themes from my early days on here. You can sum much of it up under the strap line “The Precious! The Precious!”. In another link I was watching an episode of Yes Prime Minister earlier this week where the appointing of regulators was going on. There, an absence of knowledge was seen as a strength and in fact meant you were less likely to be a nuisance. The prize…
