Court Finds Credit Suisse Guilty of Facilitating Money Laundering Tied to Cocaine Ring

Court Finds Credit Suisse Guilty of Facilitating Money Laundering Tied to Cocaine Ring
The logo of Swiss bank Credit Suisse is seen at a branch office in Zurich on Nov. 3, 2021. Arnd WIegmann/Reuters
Naveen Athrappully
Updated:
0:00

Swiss bank Credit Suisse was found guilty by the country’s Federal Criminal Court on June 27 for failing to prevent money laundering by a Bulgarian cocaine trafficking gang in the first such criminal trial Switzerland has seen against one of its major banks.

The case involved millions of euros in bank deposits made by the trafficking ring to Credit Suisse between 2004 and 2008. The deposits came as a result of drug sales activities and were eventually used to buy real estate in Switzerland and Bulgaria.

Naveen Athrappully
Naveen Athrappully
Author
Naveen Athrappully is a news reporter covering business and world events at The Epoch Times.
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