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Credit Suisse Faces Trial in Money Laundering Case

Credit Suisse Faces Trial in Money Laundering Case

by Starling Insights

Starling Insights Editorial Board

Feb 18, 2022

Observations

Credit Suisse is facing trial for allegedly failing to stop money laundering linked to a Bulgarian cartel. The case centers on charges that the bank “did not take all necessary measures to halt the infraction of money laundering," according to a summary from the court.

The proceeds from drug sales entered Swiss bank accounts over a period of at least three years and were used to buy real estate in Bulgaria and Switzerland. The case's principal offense surrounds a Bulgarian athlete employed by the cartel who transported more than 4 million swiss francs from Barcelona to Switzerland in 2006.

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