Switzerland-based Credit Suisse, a global investment bank and financial services provider, on Sunday (February 20) said that any allegations of wrongdoing are ‘strongly rejected’. Credit Suisse is the second-largest lender in Switzerland. Several media outlets have reported on the results of investigations into a leak of data on thousands of accounts held on the site in the past.
Organized Crime and Corruption Reporting Project (OCCRP) has published ‘Suisse Secrets’ documents. An international investigation has been launched into one of the world’s largest and wealthiest banks. The documents were compiled after 163 journalists from 48 media outlets in 39 countries analyzed the leaked Credit Suisse bank account information for months.
It was stated that there were over 18,000 accounts in the leak whose value reached over $100 billion. It is the only leak of client data from a Swiss bank known to journalists. According to the reports, the leaked data was provided to the German newspaper Süddeutsche Zeitung by an anonymous source more than a year ago, and it contains information about more than 18,000 Credit Suisse accounts and 30,000 accounts holders.
Media reports claim that the investigative report has found evidence that some of the accounts appear to have links to serious crimes such as money laundering and drug trafficking. Suisse Secrets investigates these account holders whose misuse of Swiss banking secrecy illustrates how the international financial industry facilitates theft and corruption. A portion of the OCCRP report notes that Credit Suisse has repeatedly pledged to reform its due diligence practices over the years, highlighting the need for increased accountability in this sector.
According to the Swiss bank, the allegations are unfounded. According to Credit Suisse, ‘The matters presented are predominantly historical, with some cases dating as far back as the 1940s, and are reported on the basis of partial, inaccurate, or selective information taken out of context’. It added that it had also reviewed accounts that were likely related to the investigative report. Over 60% of the closed accounts were closed before 2015, of which approximately 90% were closed today or were on their way to closing when the press inquiries were made, the company stated.
In addition, Credit Suisse said it was ‘deeply conscious of the responsibility it has to its clients and to the financial system as a whole to achieve the highest standards of conduct’. It said, ‘These allegations by the media are apparently intended to discredit not only the bank but Switzerland’s financial market as a whole, which has been undergoing dramatic changes over the past several years’.
Post Your Comments