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-   -   CS criminally prosecuted (https://www.englishforum.ch/swiss-politics-news/301780-cs-criminally-prosecuted.html)

marton 17.12.2020 18:16

CS criminally prosecuted
 
Credit Suisse Group AG was charged by Swiss prosecutors Thursday for allegedly failing to prevent money laundering through the bank by clients and an employee, in a case stretching back more than a decade.

The Swiss attorney generalís office said Credit Suisse in Zurich didnít comply with provisions against money laundering or the bankís own internal rules between 2004 and 2008 in opening and monitoring customer accounts.

Axa 17.12.2020 18:40

Re: CS criminally prosecuted
 
Quote:

In charges put before Switzerland's Federal Criminal Court on Thursday, 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.
https://www.ft.com/content/ac294a00-...0-af6c371068d9

The alleged events occurred between 2004 and 2008. 12 years to press charges....this is more interesting than laundering 140 million CHF :eek:

gipfelisturmer 17.12.2020 18:41

Re: CS criminally prosecuted
 
And what were the charges/punishment?
It's a paid article, cannot see.

Axa 17.12.2020 18:45

Re: CS criminally prosecuted
 
Quote:

Originally Posted by dbucar (Post 3252528)
And what were the charges/punishment?
It's a paid article, cannot see.


https://lmgtfy.app/?q=credit+suisse+cocaine+money+laundering+switzerl and :D

Treverus 18.12.2020 10:29

Re: CS criminally prosecuted
 
Quote:

Originally Posted by dbucar (Post 3252528)
And what were the charges/punishment?
It's a paid article, cannot see.

The court case didnt happen yet. But as far as I understand is the potential maximum sentence for CS for laundering 140 Million CHF... 5 Mil. A decade and a half after the fact.



That will show them!

eyebeebe 18.12.2020 10:37

Re: CS criminally prosecuted
 
Quote:

Originally Posted by Treverus (Post 3252651)
The court case didnt happen yet. But as far as I understand is the potential maximum sentence for CS for laundering 140 Million CHF... 5 Mil. A decade and a half after the fact.



That will show them!

Plus disgorgement of profits.

Treverus 18.12.2020 10:47

Re: CS criminally prosecuted
 
Quote:

Originally Posted by eyebeebe (Post 3252654)
Plus disgorgement of profits.


Yeah, but so what? Will the people who got their bonusses based on that revenue have to pay it back after 15 years? I dont think so.

markalex 18.12.2020 10:55

Re: CS criminally prosecuted
 
Quote:

Originally Posted by Treverus (Post 3252662)
Yeah, but so what? Will the people who got their bonusses based on that revenue have to pay it back after 15 years? I dont think so.

Yes, sadly this sums it up. All the individuals who failed to do their jobs will be completely exonerated.

eyebeebe 18.12.2020 11:30

Re: CS criminally prosecuted
 
So guilty until proven innocent applies here? Iíd rather wait for the results of the 1st court and potentially the appeal and supreme courts before I pass judgement.

You will also note that there is a criminal case against an individual employee (case was dropped against another). Iím pretty sure if found guilty he or she would rather pay back the bonuses than take whatever punishment the courts see fit.

Treverus 18.12.2020 11:41

Re: CS criminally prosecuted
 
Nope. The point is that it doesnt matter anymore if there is guilt or not.



Swiss law says that any crime that is punishable with up to 3 years, in other words pretty much all money laundering and banking stuff... has a limitation of 10 years. So I can tell you right now that all the stuff from 2007 will not get any banker punished in any way. They might bring charges and then drop them... but there wont be a punishment. (Unless they continued to do it till after 2010.)

BoredToDeath 22.12.2020 20:11

Re: CS criminally prosecuted
 
Personal anecdote about money laundering EU brilliant laws. I won a wristwatch from Milan auction house last week. Instead of invoice the girl from the house sent me a Money Laundering and Terrorism financing form. Form is very detailed and long and basically disregards EU privacy laws in more ways than one.
I wonder if buying a watch for a few thousands qualifies as money laundering? Afterall my first and last name are not Middle Eastern and I buy and ship within EU. Also, how would it be possible to finance terrorism if I am giving the potential terrorism funds to the auction house? Will I be able to sponsor terrorism with a vintage wristwatch? Can it be used to make a bomb?
EU law enforcement is a f-n joke.

roegner 22.12.2020 20:17

Re: CS criminally prosecuted
 
Quote:

Originally Posted by BoredToDeath (Post 3254436)
Personal anecdote about money laundering EU brilliant laws. I won a wristwatch from Milan auction house last week. Instead of invoice the girl from the house sent me a Money Laundering and Terrorism financing form. Form is very detailed and long and basically disregards EU privacy laws in more ways than one.
I wonder if buying a watch for a few thousands qualifies as money laundering? Afterall my first and last name are not Middle Eastern and I buy and ship within EU. Also, how would it be possible to finance terrorism if I am giving the potential terrorism funds to the auction house? Will I be able to sponsor terrorism with a vintage wristwatch? Can it be used to make a bomb?
EU law enforcement is a f-n joke.

You should send them the forms to complete to make sure they got that watch legally:-)

Assuming you did not spend tens of thousands on that watch, this is plain ridiculous.

Best one at work is compliance on deleting personal data in emails. They only forgot that we cannot delete anything that is in the Outlook vault......

Urs Max 22.12.2020 22:11

Re: CS criminally prosecuted
 
Quote:

Originally Posted by Treverus (Post 3252689)
Nope. The point is that it doesnt matter anymore if there is guilt or not.



Swiss law says that any crime that is punishable with up to 3 years, in other words pretty much all money laundering and banking stuff... has a limitation of 10 years. So I can tell you right now that all the stuff from 2007 will not get any banker punished in any way. They might bring charges and then drop them... but there wont be a punishment. (Unless they continued to do it till after 2010.)

It looks liek severe cases of money laundering don't lapse for 15 years, simple ones lapse after 7. Still, you're right, there won't be a valid verdict, neither against the bank nor against the individuals allegedly involved, because the bank will drag the case through the courts until it has lapsed.

VFR on top 23.12.2020 00:32

Re: CS criminally prosecuted
 
This just in on the AP wire:


Swiss Bank Launders Shady Money!


Shocker.

marton 23.12.2020 21:51

Re: CS criminally prosecuted
 
Anybody watch Kassensturz last night?
Interesting piece about CS, the firm Terra Oil, and claims of excess COVID relief payments.


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