A significant data leak from Credit Suisse, a major private bank, has revealed the concealed assets of clients involved in serious criminal activities. The leak, which includes accounts belonging to 30,000 clients globally, shows more than 100 billion Swiss francs in the bank, linked to individuals involved in torture, drug trafficking, money laundering, and corruption.
The data, termed as the “Suisse secrets,” was leaked to Süddeutsche Zeitung by a whistleblower, who criticized the Swiss banking secrecy laws. The Guardian, as part of a media consortium, conducted a thorough investigation, revealing Credit Suisse’s failures in due diligence and its relationship with high-risk clients. The consortium, including Le Monde, NDR, the Miami Herald, and the New York Times, worked with the Organized Crime and Corruption Reporting Project (OCCRP) to analyze the data.
The leaked information dates as far back as the 1940s, with two-thirds of the accounts opened since 2000, and many still active. The investigation uncovered that Credit Suisse held or continued to hold accounts for clients such as a human trafficker from the Philippines, an imprisoned Hong Kong stock exchange executive, and Venezuelan oil company executives involved in looting.
One highlighted case involved an account owned by the Vatican, used in a significant London property investment, now part of a criminal trial. Another case included an account opened by a former Hong Kong stock exchange chairman, who was previously jailed for bribery, holding a significant sum despite his conviction.
Credit Suisse has countered these claims, highlighting that the allegations are mainly historical and that the bank’s practices have evolved significantly since then. They also emphasized the selective and out-of-context nature of the information presented. However, the bank is currently facing multiple scandals and charges, including allegations of aiding money laundering for the Bulgarian mafia.
This leak poses not only a crisis for Credit Suisse but also for Switzerland, whose banking sector is known for its secrecy. With nearly half of Swiss bank assets owned by foreign clients, the “Suisse secrets” project brings to light the hidden workings of one of the world’s largest financial centers.
The case of Ronald Li Fook-shiu, a former Hong Kong stock exchange chairman with a conviction, is one among many that suggest Credit Suisse’s due diligence processes may have been compromised. The bank’s internal procedures, as of 2017, mandated regular client scrutiny, especially for politically exposed persons or those involved in high-risk activities. Despite these measures, accounts for individuals with serious convictions, like Eduard Seidel, a former Siemens employee convicted of bribery, remained open.
Swiss banks have long been associated with confidentiality, dating back to the early 18th century. The 1934 banking secrecy law solidified this practice, attracting wealthy clients worldwide, sometimes with illicit backgrounds. Credit Suisse’s involvement with the corrupt Philippine dictator Ferdinand Marcos and subsequent scandals highlighted the bank’s historical role in aiding the concealment of corrupt wealth.
However, Switzerland’s banking sector claims to have made strides toward transparency, especially after adopting the common reporting standard for tax data sharing in 2018. Despite these efforts, the Swiss banking secrecy law was recently expanded, and tax justice advocates estimate significant global tax revenue losses due to Swiss banking practices, particularly affecting non-CRS countries.
The “Suisse secrets” project offers a rare insight into the Swiss banking industry, known for its discretion, revealing how it facilitated the concealment of wealth and, in some cases, the plundering of developing nations. The disclosed information presents a complex picture of Swiss banking, where both past and current practices continue to draw scrutiny.
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