ZURICH: Swiss prosecutors said Wednesday they had indicted Credit Suisse for failing to prevent money laundering by a Bulgarian criminal organisation, in charges flatly rejected by Switzerland’s second largest bank. The Office of the Attorney General of Switzerland (OAG) said that after a 12-year investigation it had filed a string of indictments with the Federal Criminal Court in connection with a large-scale Bulgarian drug trafficking and money laundering operation. Credit Suisse was accused in the indictment of “failing to take all the organisational measures that were reasonable and required to prevent the laundering of assets belonging to and under the control of the criminal organisation.”
A former manager at the bank and two members of the criminal organisation were also indicted for their roles in the scheme. Charges were meanwhile dropped against a second Credit Suisse executive.
The bank said in a statement that it had taken note “with astonishment of the decision of the Office of the Attorney General of Switzerland.”
“Credit Suisse unreservedly rejects as meritless all allegations raised against it and is convinced that its former employee is innocent,” it said, adding that it “intends to defend itself vigorously.” The bank said it could face a maximum fine of up to 5.0 million Swiss francs and the disgorgement of profits in the proceedings before the criminal court.
The OAG opened back in 2008 an investigation of a Bulgarian wrestler, who worked mainly as a labourer in the southern Swiss canton of Wallis, and his employer, suspected of money laundering and membership in a criminal organisation. The investigation, relating to the period from 2004 to 2008, was gradually expanded to include more people believed to be part of the organisation, which was allegedly involved in trafficking large amounts of cocaine from South America to Europe and laundering the proceeds, OAG said.—AFP
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