Due to Swiss bank secrecy laws, they kept Credit Suisse a secret. This is far from the transparency provided by blockchain technology.
According to leaked data, Swiss bank Credit Suisse retained accounts worth more than $100 billion for sanctioned persons. This goes as well to the heads of state suspected of money laundering until recently.
As per the New York Times, the data breach affected over 18,000 bank accounts. The information pertains to accounts that were open between the 1940s and the 2010s, but not to current operations.
Jordan’s King Abdullah II and Venezuela’s former energy minister Nervis Villalobos have “millions in Credit Suisse.”
In 2018, Villalobos pleaded guilty to money laundering while they accused King Abdullah of misappropriating financial aid. Other sanctioned persons have Credit Suisse accounts as well.
Sons of a Pakistani intelligence chief were among the account holders. They helped the (Mujahideen) in Afghanistan receive billions of dollars from the US and other countries in the 1980s.
Credit Suisse Welcomed Criminals
CS AML, according to Banteg, welcomed people traffickers, killers, and corrupt officials.
Commenters mentioned HSBC, another large international bank that has paid big fines for assisting dangerous international criminals.
Despite the country’s well-known bank secrecy requirements, it is easy to overcome these restrictions.
As a result, Switzerland appears to be a desirable location for criminals to conduct international banking.
Credit Suisse opened and maintained accounts for the ultra-rich and those with questionable histories. This could be anyone who put their names through a search engine would have discovered.
They always accuse the Bitcoin community of helping and abetting criminals. With a $25 billion illegal crypto whale holdings projection for 2021, the breached data revealed $100 billion in deposits.
The bank has categorically denied any wrongdoing. Credit Suisse’s controlled, covert operations, on the other hand, contrast with totally transparent blockchain technology.
On may be able to follow individuals or nations escaping economic sanctions in real-time.