The bank, which overhauled its risk and compliance leadership team after last year’s scandals, argued the accounts were “predominantly historical” in nature with over 60% closed before 2015. “These media allegations appear to be a concerted effort to discredit not only the bank, but the Swiss financial marketplace as a whole,” it said in a statement. “I would like to emphasize that responsibility for this situation does not rest with the banks but rather the Swiss legal system.”Īnti-corruption advocacy group Transparency International said the leaked documents confirmed Credit Suisse had offered banking services for years to high-risk clients despite significant red flags even after it pledged to crack down on shady money.Ĭredit Suisse rejected the insinuations into its purported business practices before wrapping itself in the protective mantle of the Swiss flag.

Put in place to protect financial privacy, these rules were really “a fig leaf meant to conceal the shameful roles of Swiss banks as collaborators in tax evasion,” the individual wrote. And the main victims were the poor living in countries that lack the infrastructure to tackle financial crime. While Credit Suiss was the target of the leak, the anonymous whistleblower that fed the German paper with data over a year long argued their motivation was broader: the country’s secrecy rules themselves were immoral. Led by Germany’s Süddeutsche Zeitung, the Organized Crime and Corruption Reporting Project (OCCRP) unveiled on Sunday the Suisse Secrets report: a litany of unethical though not necessarily strictly illegal business dealings with international drug lords and corrupt regime officials that hid money stolen from their country.

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