Two million francs, about 1,9 million euros, of fine for Credit Suisse, convicted of failing to implement a device sufficient to prevent the money laundering of a Bulgarian criminal organisation. This was established by the Federal Criminal Court of Bellinzona, through a sentence issued on Monday. It's about the first conviction of its kind against a Swiss bank and could represent an important precedent, marking a turning point in the Swiss banking system, until now protected by the authorities.
Credit Suisse: the historic condemnation for the Swiss bank
Credit Suisse was also ordered to pay 19 million francs, approximately 18,7 million euros, by way of compensation, a sum that corresponds to the money of the criminal organization that was not confiscated due to the bank's failure to check. A further 12 million francs deposited in Credit Suisse accounts linked to the criminal organization were also confiscated.
According to the allegations, between 2004 and 2007, the Bulgarian criminal group deposited more than 70 million francs, money from international cocaine trafficking. The Bellinzona court recognized shortcomings in the control and surveillance of the anti-money laundering regulations, for the period between July 2007 and December 2008. The events prior to 2007, however, were time-barred.
Credit Suisse has denied all allegations and has announced that it will appeal the ruling.
