European banking giant Credit Suisse (CS) has been found guilty of money laundering in a
high-profile legal case.
A Swiss Federal Criminal Court has convicted Credit Suisse of failing to prevent money
laundering in the first criminal trial of one of Switzerland’s major lenders.
The judges were ruling on whether Credit Suisse did enough to prevent a Bulgarian cocaine
trafficking gang of laundering profits through the bank between 2004 and 2008.
The case, which involved testimony related to drug trafficking, murders, and cash in suitcases,
was closely followed in Europe, where it is seen as a test for prosecutors taking a tougher line
against Switzerland’s famous and secretive banks.
Credit Suisse has not commented on the court ruling. The bank’s stock is down 40% this year at
$5.95 U.S. a share.
