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Old 17.12.2020, 18:16
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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 general’s office said Credit Suisse in Zurich didn’t comply with provisions against money laundering or the bank’s own internal rules between 2004 and 2008 in opening and monitoring customer accounts.
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Old 17.12.2020, 18:40
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Re: CS criminally prosecuted

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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
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Old 17.12.2020, 18:41
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Re: CS criminally prosecuted

And what were the charges/punishment?
It's a paid article, cannot see.
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Old 17.12.2020, 18:45
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Re: CS criminally prosecuted

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And what were the charges/punishment?
It's a paid article, cannot see.

https://lmgtfy.app/?q=credit+suisse+cocaine+money+laundering+switzerl and
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Old 18.12.2020, 10:29
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Re: CS criminally prosecuted

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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!
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Old 18.12.2020, 10:37
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Re: CS criminally prosecuted

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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.
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Old 18.12.2020, 10:47
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Re: CS criminally prosecuted

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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.
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Old 18.12.2020, 10:55
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Re: CS criminally prosecuted

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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.
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Old 18.12.2020, 11:30
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Re: CS criminally prosecuted

So guilty until proven innocent applies here? I’d 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). I’m pretty sure if found guilty he or she would rather pay back the bonuses than take whatever punishment the courts see fit.
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Old 18.12.2020, 11:41
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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.)
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Old 22.12.2020, 20:11
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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.
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Old 22.12.2020, 20:17
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Re: CS criminally prosecuted

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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......
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Old 22.12.2020, 22:11
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Re: CS criminally prosecuted

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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.
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Old 23.12.2020, 00:32
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Re: CS criminally prosecuted

This just in on the AP wire:


Swiss Bank Launders Shady Money!


Shocker.
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Old 23.12.2020, 21:51
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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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