Credit Suisse data leak exposes client's wealth linked to serious crimes

Credit Suisse data leak exposes client's wealth linked to serious crimes

A whistleblower had leaked the information of over 30,000 bank accounts dating back to the 1940s and 2010s

A large-scale leak involving one of the world's largest banks, the Swiss-based Credit Suisse, has materialized. It has exposed the hidden wealth of clients involved in serious criminal activities including torture, drug trafficking, money laundering and corruption.

Originally released by a German newspaper Süddeutsche Zeitung, it was later reported in the New York Times by the Organized Crime and Corruption Reporting (OCCRP) and was highly publicized. (OCCRP is an NGO focusing on crime and corruption in Europe, Asia and Central America).

An anonymous whistleblower had originally leaked the data to Süddeutsche Zeitung, which included information on over 30,000 accounts dating back to the 1940s and 2010s.

While leaking the information, the whistleblower claimed, "I believe that Swiss banking secrecy laws are immoral. The pretext of protecting financial privacy is merely a fig leaf covering the shameful role of the Swiss banks as collaborators of tax evaders."

The account holders included several high-profile individuals, who were leaders and government officials from the Middle East and North Africa and also a human trafficker from the Philippines.

The data revealed that King Abdullah II of Jordan had six accounts, one of which held over $224 million. The two sons of former Egyptian president Hosni Mubarak had accounts totaling over $196 million as of 2003. However, some account holders have denied improper dealings by either defending the cash amounts or questioning the accuracy of the reports.

Swiss banks are not supposed to take money linked to criminal activities. However, due to the general anonymity of the account holders and the grey legal area within which these banks operate, it has not always been possible to police the banking activity in Switzerland.

In response to the data leak, Credit Suisse released a statement claiming that over 90 percent of the leaked accounts were no longer operational. The bank also accused news forums of taking the data out of context and painted it as a malicious attempt to discredit the bank and the overall Swiss financial system.