Swiss bank guilty of laundering drug money

Swiss bank guilty of laundering drug money – media

Tuesday, 28 June 2022newsdesk

As per news report of Rt.com, Switzerland’s second largest bank, Credit Suisse, was found guilty and fined for failing to detect a money-laundering scheme involving a drug cartel, Reuters reported on Monday.

New Delhi, 28 June 2022

According to the report, a former employee of the bank accepted some 146 million Swiss francs ($152 million) in bank deposits between 2004 and 2008 from a Bulgarian cocaine smuggling ring, while concealing the criminal origins of the funds. Switzerland’s Federal Criminal Court said on Monday that Credit Suisse had failed to both detect the scheme and implement anti-money laundering rules. Under Swiss law, a company can be held responsible for failing to take measures to prevent a crime.

Source -Rt.com