February, Monday 21st., 2022
Credit Suisse Massive Data Leak Exposed; Shows Record Of Dubious Clients And Illegal Funds
A massive data leak of Credit Suisse revealed hidden riches of over 18,000 foreign beneficiaries allegedly involved in drug trafficking, money laundering & more
IMAGE: Shutterstock/Unsplash, Representative
A massive data leak of Credit Suisse, one of the world's largest private banks, has revealed hidden riches of over 18,000 foreign beneficiaries allegedly involved in drug trafficking, money laundering, corruption, and other serious crimes. The server privacy breach of Switzerland's best-known financial institution reportedly affected a total of 30,000 clients of the bank, unmasking beneficiaries of more than 100 billion Swiss francs (Rs 8,113 crore approx), which include "corrupt autocrats, suspected war criminals, and human traffickers," The Guardian reported. The leak indicated failure of due diligence by Credit Suisse, despite the fact that it has repeatedly pledged to weed out dubious clients and illegal funds for over decades.
According to exclusive data accessed by The Guardian, among the "dubious" clients of Credit Suisse were human traffickers from the Philippines, and a Hong Kong stock exchange big shot who was jailed for bribery. Next was a billionaire who murdered his Lebanese pop star girlfriend. Credit Suisse also had executives who looted Venezuela State Oil company as clients, apart from corrupt politicians from Egypt to Ukraine. The leaked data also showed that a Vatican-owned account was used to spend £290 million on an alleged fraud property in London, which is the centre of an ongoing criminal trial against the bank.
Anonymous whistleblower exposed banking data
The trove of exclusive banking data was leaked by an anonymous whistleblower to the German newspaper Suddeutsche Zeitung. “I believe that Swiss banking secrecy laws are immoral. The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders,” the whistleblower said, as quoted by The Guardian. As per a report by The Independent, the bank data was dropped off in a secure digital mailbox about a year ago, which was then evaluated alongside the Organised Crime and Corruption Reporting Project (OCCRP) and its media partners. The data dates back to 1940 until the last decade and vividly points out how the bank accepted shady clients as customers.
Credit Suisse denies allegations
Meanwhile, Credit Suisse has refused to comment on the issue, citing Switzerland's banking secrecy laws, saying that it allows them to remain silent on remarking on individual clients. In a statement, the authorities slammed the media for "tendentious interpretations of the bank's business conduct," adding that “Credit Suisse strongly rejects the allegations and inferences about the bank’s purported business practices.” The bank also alleged that the allegations were largely "historical" and in some cases, going back to when Swiss laws and practices were "different from where they are now." While many accounts were opened far back in 1940, notable numbers were opened in 2000, some of which are still up and running.
Image: Shutterstock/Unsplash, Representative
Credit Suisse data leak exposes accounts held by criminals including thugs involved in human trafficking and money laundering
- Credit Suisse whistleblower revealed the details of 30,000 secretive accounts
- They belonged to a string of corrupt clients who held more than £80billion
- They included a stock exchange boss jailed for bribery and a human trafficker
- Whistleblower handed the data to a German newspaper before story spread
- Credit Suisse said it 'strongly rejects' allegations about purported practices
A massive data leak from Credit Suisse has exposed the hidden wealth of its customers, including some involved in crimes such as torture, human trafficking and money laundering.
A whistleblower revealed the details of 30,000 secretive accounts belonging to a string of dubious and corrupt clients which collectively held more than £80billion.
The customers include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery and a billionaire who ordered the murder of his girlfriend.
A massive data leak from Credit Suisse has exposed the hidden wealth of its customers, including some involved in crimes such as torture, human trafficking and money laundering
There is also a string of corrupt politicians and executives, including Venezuelan officials accused of looting the state’s oil company.
The data also includes one Vatican-owned account which was used to spend £290million in an allegedly fraudulent investment in property in London, which is currently the subject of a criminal trial.
The leak shows Credit Suisse opened accounts for and continued to serve a string of questionable clients whose problematic backgrounds could easily be found.
An anonymous whistleblower handed the data to a German newspaper which shared it with the non-profit group The Organised Crime and Corruption Reporting Project.
The group then sent the information to 46 news organisations.
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‘I believe that Swiss banking secrecy laws are immoral,’ the whistleblower said in a statement.
‘The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders.’
The data covers accounts that were open from the 1940s until well into the 2010s – but does not cover current operations.
However, more than two thirds were opened since 2000.
A whistleblower revealed the details of 30,000 secretive accounts belonging to a string of dubious and corrupt clients which collectively held more than £80billion
The bank said 90 per cent of the accounts in question were closed or were in the process of being closed prior to the leak.
It added: ‘Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices.’
It added that the ‘selective information’ was ‘taken out of context, resulting in tendentious interpretations’.