Monday briefing: Credit Suisse leak unmasks fraudsters and corrupt politicians

A massive leak from one of the world’s biggest private banks, Credit Suisse, has exposed the hidden wealth of clients involved in torture, drug trafficking, money laundering, corruption and other serious crimes. Details of accounts linked to 30,000 Credit Suisse clients all over the world are contained in the leak, which unmasks the beneficiaries of more than 100bn Swiss francs (£80bn)* held in one of Switzerland’s best-known financial institutions. The leak points to widespread failures of due diligence by Credit Suisse, despite repeated pledges over decades to weed out dubious clients and illicit funds. The Guardian is part of a consortium of media outlets given exclusive access to the data.

We can reveal how Credit Suisse repeatedly either opened or maintained bank accounts for a panoramic array of high-risk clients across the world. They include a human trafficker in the Philippines, a Hong Kong stock exchange boss jailed for bribery, a billionaire who ordered the murder of his Lebanese pop star girlfriend, and executives who looted Venezuela’s state oil company, as well as corrupt politicians from Egypt to Ukraine. One Vatican-owned account in the data was used to spend €350m (£290m) in an allegedly fraudulent investment in London property that is at the centre of an ongoing criminal trial of several defendants, including a cardinal.

The huge trove of banking data was leaked by an anonymous whistleblower to the German newspaper Süddeutsche Zeitung. Credit Suisse said that Switzerland’s strict banking secrecy laws prevented it from commenting on claims relating to individual clients. “Credit Suisse strongly rejects the allegations and inferences about the bank’s purported business practices,” the bank said in a statement, arguing that the matters uncovered by reporters are based on “selective information taken out of context, resulting in tendentious interpretations of the bank’s business conduct”. The bank also said the allegations were largely historical, in some instances dating back to a time when “laws, practices and expectations of financial institutions were very different from where they are now”. While some accounts in the data were open as far back as the 1940s, more than two-thirds were opened since 2000. Many of those were still open well into the past decade, and a portion remain open today.

Credit Suisse response to Suisse secrets disclosures available here.

Source: The Guardian

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