18 Dec 2020
Credit Suisse Charged Over Bulgarian Wrestler’s Cocaine Smuggling Ring – Bambos Tsiattalou
Partner Bambos Tsiattalou comments on the news that Switzerland’s federal prosecutor has filed charges against Credit Suisse for allegedly facilitating money laundering “on a grand scale”.
Bambos’ comments were published in Forbes, 17 December 2020, and can be found here. His comments were also published in Wealth Briefing and Information Security Buzz, 18 December 2020, and can be found here and here respectively.
“A Bulgarian wrestler, Credit Suisse and one of it’s former employees have been indicted for helping launder CHF 35 million ($39 million) of drug money through Switzerland’s second largest bank.
As a client of Credit Suisse, a Bulgarian wrestler was able to launder profits from a European cocaine trafficking ring through Switzerland, the Office of the Attorney General of Switzerland said on Thursday (17 December)…
“Credit Suisse is far from alone in having questions raised as regards compliance and anti-money laundering rules,” says Bambos Tsiattalou, a specialist financial crime lawyer at Stokoe Partnership Solicitors. “This is a systemic issue and, as such, requires a systemic response, especially when money can now so easily move across borders.”.”
