Criminal trial – defeat for Credit Suisse – economy

Credit Suisse has lost the first Swiss criminal case against a major bank. The Swiss Federal Criminal Court found the institute guilty of money laundering on Monday. The judges had to decide whether the bank and a former employee had done enough to prevent money laundering by an alleged Bulgarian cocaine trafficking gang in 2004-2008. The former customer advisor was also convicted. Both had denied wrongdoing. The trial, in which witness statements about murders were made, among other things, is considered a test case for tougher action by the judiciary against the country’s banks.

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