‘Suisse Secrets’ investigation claims Credit Suisse held billions in ‘dirty money’

Credit Suisse bank held billions of dollars of dirty money for decades, a new cross-border media investigation claimed Sunday, based on a massive data leak from an anonymous source.

Credit Suisse rejected the “allegations and insinuations” in a statement Sunday, saying that many of the issues raised were historical, some dating back as far as the 1940s.

The investigation was coordinated by the Organized Crime and Corruption Reporting Project (OCCRP), and involved 48 different media outlets worldwide including France’s Le Monde and The Guardian in Britain.

Dubbed “Suisse Secrets” by the OCCRP, arose out of a leak of data to Germany’s Suddeutsche Zeitung newspapers a little over a year ago.

The investigation showed that Credit Suisse had flouted international banking rules by holding funds linked to crime and corruption over several decades, wrote Le Monde.

The leak included information on more than 18,000 bank accounts dating back to the 1940s and up to the end of the 2010 decade, said the OCCRP.

It was the largest leak ever from a major Swiss bank, it added.

In its statement Sunday, the bank said: “Credit Suisse strongly rejects the allegations and insinuations about the bank’s purported business practices.

“The matters presented are predominantly historical, in some cases dating back as far as the 1940s, 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.”

About 90% of the accounts reviewed were closed – or were in the process of being closed – before the press approached the bank, it added. And more than 60% of them had been closed before 2015.

The sums held in accounts identified as problematic amount to more than US$8 billion (seven billion euros) in assets, according to the OCCRP.

Credit Suisse, Switzerland’s second largest bank, was hit by a series of setbacks a year ago.

In March 2021, the bank was hit by the collapse of Greensill Capital in which it had committed some US$10 billion dollars through four funds. The implosion of the US fund Archegos cost it more than US$5 billion.

News media involved in the “Suisse Secrets” include The New York Times, Italy’s La Stampa, Africa Uncensored in Kenya and Argentina’s La Nacion.