Following news that Switzerland’s federal prosecutor has filed charges against Credit Suisse for allegedly facilitating money laundering “on a grand scale” by former Bulgarian clients, specialist financial crime lawyer commented below.
Swiss investigators said the bank had processed more than SFr140m of transactions for the group, earned from smuggling tonnes of cocaine into Europe and other illegal activities.
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Credit Suisse is far from alone in having questions raised as regards compliance and anti-money laundering rules. We have seen similar issues raised with other European banks. This is a systemic issue and, as such, requires a systemic response, especially when money can now so easily move across borders. Therefore, any effective regulatory response must be both systemic and transnational. Moreover, all companies, including banks, must be vigilant and ensure that they have rigorous procedures and systems in place, which can identify and deal with suspicious transactions.