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The leaked data of Swiss bank Credit Suisse reveals that Suisse held accounts worth $100 billion or more for sanctioned persons and leaders of state accused of money laundering. As reported on February 20 by The New York Times, the data leak consisted of more than 18,000 bank accounts. This data dates back to accounts opened during the 1940s through 2010s, however not actively operated presently. Amongst the account holders were King Abdullah II of Jordan and Nervis Villalobos, former Venezuela’s vice-minister of energy. King Abdullah II has been accused of embezzling financial aid for his own gain, while Nervis pled guilty to money laundering in 2018. Other sanctioned persons also have 'millions of dollars in Credit Suisse.'
“Other account holders included sons of a Pakistani intelligence chief who helped funnel billions of dollars from the US and other countries to the Mujahideen in Afghanistan in the 1980s,” mentioned the New York Times.
The lead developed at Yearn Finance (YFI), Banteg tweeted today, https://twitter.com/bantg/status/1495478977330401285?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1495478977330401285%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcointelegraph.com%2Fnews%2Fcredit-suisse-data-leak-reveals-decades-of-shady-clients-and-activity Although there are laws enforced to prohibit Swiss banks from accepting deposits from criminals (frauds), the country’s famed bank secrecy laws create a large loophole. According to the New York Times, due to this very reason, Switzerland has attracted criminals to conduct international banking from here. The irony of a major traditional financial institution assisting high-level criminals was not lost on the cryptocurrency community, which has long faced accusations of abetting criminals. The $100 billion in deposits revealed by the data breach surpasses the $25 billion anticipated by Chainalysis to be held by criminal crypto titans by 2021. However, Credit Suisse strongly denies any of the wrongdoings, but Credit Suisse’s centralized covert operation contrasts to total transparency in blockchain technology. Transparency allows maintaining tabs on individuals and nations attempting to escape economic penalties.
“The matters presented are predominantly historical and the accounts of these matters are based on partial, inaccurate, or selective information taken out of context resulting in tendentious interpretations of the bank’s business conduct.”
Credit Suisse further defends itself by pointing out that 90 percent of the reviewed accounts are closed today or in the process of closure before the inquiry. Additionally, it also notes that 60 percent were closed before 2015 only.
“Of the remaining active accounts, we are comfortable that appropriate due diligence, reviews, and other control-related steps were taken in line with our current framework. We will continue to analyze the matters and take additional steps if necessary."