Credit Suisse Operated Criminal Accounts But Still Dislikes Bitcoin

According to newly leaked documents, Credit Suisse operated accounts for criminals but still bashed bitcoin for being anonymous as we reported previously in our Bitcoin news.

The recently leaked documents allege that the giant private bank Credit Suisse operated bank accounts for criminals and clients involved in drug trafficking, torture, corruption, money laundering, and more. This comes a year after the bank bashed the crypto industry and claimed that the cryptocurrency presents money laundering challenges. The whistle-blower shared compromised data on more than 18,000 bank accounts that hold over $100 billion to a German newspaper which was then distributed to plenty of other media outlets including the New York Times.

Some of the names that popped up in the documents included King Abdullah II of Jordan, former vice-minister of energy in Venezuela Nervis Villalobos, and two sons of the former president of Egypt Hosni Mubarak. King Abdullah was accused of using shell companies that were registered in the Caribbean to purchase dozen of properties worth over 0 million and some of them were even in Malibu, California, and England.
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Villalobos pleaded guilty to money laundering charges in connection with bribery schemes while Hosni Mubarak’s sons were arrested for stock market manipulation and embezzling 500 million Egyptian pounds. The New York Post article:

“Other account holders included sons of a Pakistani intelligence chief who helped funnel billions of dollars from the United States and other countries to the mujahedeen in Afghanistan in the 1980s and Venezuelan officials ensnared in a long-running corruption scandal.”

This is a continuation of the previous leaks that came over the past few years like the Panama Papers in 2016 and the Pandora Papers a year ago which showcases billions of dollars of illicit money being handled by the biggest banking institutions. The bank has revenue in excess of $20 billion and it issued a statemetn refuting that it has been involved in illegal activities. Candice Sun as a spokesperson for the bank said that most of the leaked accounts were active in a time when laws and practices were different from what they are now.

Weeks prior to the data leaks, the Swiss-based bank faced charges in a local court for allowing the Bulgarian cocaine trafficking gang to launder millions of euros. The Swiss prosecutors alleged the bank had to take steps to prevent the hiding and laundering of the illegally obtained cash. Also, Bank in 2017, when BTC gained traction, the CEO of Credit Suisse Tidjane Thiam didn’t have anything nice to say about the asset.