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#AceDailyNews says Swiss bank Credit Suisse denies wrongdoing after data leak reportedly shows accounts linked to criminals according to Reuters News Report

Posted 3h ago, updated 2h ago

Switzerland’s second-biggest bank says it “strongly rejects” allegations of wrongdoing after dozens of media outlets published results of coordinated, Panama Papers-style investigations into a leak of data on thousands of accounts held at the bank in past decades.

A German newspaper and other media reported on Sunday that leaked data from Credit Suisse revealed the details of the accounts of more than 30,000 clients — some of them unsavoury — and pointed to possible failures of due diligence in checks on many customers.

Credit Suisse said in a statement it “strongly rejects the allegations and insinuations about the bank’s purported business practices.”

The German daily Sueddeutsche Zeitung said it received the data anonymously through a secure digital mailbox more than a year ago.

The newspaper said it evaluated the data, which ranged from the 1940s until well into the last decade, along with the Organized Crime and Corruption Reporting Project and dozens of media partners including The New York Times, Britain’s Guardian and France’s Le Monde.

It said it was unclear whether the source was an individual or a group, and the newspaper did not make any payment or promises.

It said the data pointed to the bank having accepted “corrupt autocrats, suspected war criminals and human traffickers, drug dealers and other criminals” as customers.

The New York Times said the leaked data covered more than 18,000 accounts collectively holding more than $US100 billion ($138 billion). 

Credit Suisse said the allegations were “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”.

The bank said it had reviewed a large number of accounts potentially associated with the allegations, and about 90 per cent of them “are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60 per cent were closed before 2015”.

The bank also said the law prevented it from commenting on “potential client relationships”.

As for accounts that remained active, the bank said it was “comfortable that appropriate due diligence, reviews and other control related steps were taken in line with our current framework”.

Switzerland has sought in recent years to shed its image as a haven for tax evasion, money laundering and the embezzlement of government funds — practices carried out through the misuse of its banking secrecy policies. But those laws still draw criticism.

The Sueddeutsche Zeitung published an excerpt from a statement by the source of the leak.

“I believe that Swiss banking secrecy laws are immoral,” it said.

“The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of Swiss banks as collaborators of tax evaders.”

AP/ABC NEWS/ DW/ Reuters News/ Le Monde/NY Times/The Guardian/

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