Credit Suisse faces trial in drug-tied money laundering case
ABC News
A Swiss criminal court is opening a trial on charges that Credit Suisse failed to do enough to stop money laundering linked to drug trafficking by a Bulgarian criminal organization
GENEVA -- A Swiss criminal court was opening a trial Monday on charges that Credit Suisse failed to do enough to stop money laundering linked to drug trafficking by a Bulgarian criminal organization, which employed a wrestler who once hauled millions in currency by car to Switzerland.
The case against the bank in federal criminal court, in the southern city of Bellinzona, centers on charges that it “did not take all necessary measures to halt the infraction of money laundering" by one of its employees, according to a summary from the court announcing the start to the proceedings.
As per Swiss criminal court cases, the defendants — both individual and corporate — were not named to protect their privacy. But Swiss prosecutors identified Credit Suisse by name in an indictment announced in December 2020.
The indictment, which centered on a former manager at the Swiss bank and two members of the criminal ring, wrapped up a yearslong investigation into allegations of wrongdoing that appears mostly to have taken place between 2004 and 2008.
