Credit Suisse shady clients: Controversial data leaked

• Swiss bank secrecy regulations have shielded Credit Suisse from having to reveal if it was financing criminal activity, which is in marked contrast to the openness provided by blockchain technology.

• According to leaked data, Swiss bank Credit Suisse handled accounts worth more than $100 billion for sanctioned persons and leaders of state accused of money laundering.

The shady clients

According to the New York Times, The leaked data contained secret information of more than 18,000 bank accounts. The data reaches back to accounts that were open from the 1940s through the 2010s but do not include current activities.

Nervis Villalobos Venezuela’s former vice-minister of energy and King Abdullah II of Jordan was among the account holders with “millions of dollars in Credit Suisse.”

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King Abdullah has been accused of misusing financial help for personal gain, while Villalobos was found guilty of money laundering in 2018. According to the New York Times, ” some other account users were sons of a Pakistani intelligence director who were found guilty of  laundering billions of dollars from the United States and other nations to the (Mujahideen) in Afghanistan in the 1980s.”

“Credit Suisse AML gladly housed human traffickers, murderers, and corrupt authorities,” Banteg, the chief developer of Yearn Finance (YFI), major decentralized finance (DeFi) yield farming platform, tweeted today. Commentators drew attention to another massive worldwide bank,  HSBC that has paid large fines for assisting dangerous international criminals in money laundering.

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Now criminals will be tracked

The irony of a big traditional financial institution assisting high-level criminals was not missed by the cryptocurrency community, which has long been accused of abetting criminals. 

The bank has denied any wrongdoing, but Credit Suisse’s centralized covert operation contrasts with totally transparent blockchain technology. Transparency may also allow investigators and law enforcement to maintain tabs on shady people and nations attempting to escape economic penalties in real-time.