Swiss bank Credit Suisse was found guilty by the country’s Federal Criminal Court on June 27 for failing to prevent money laundering by a Bulgarian cocaine trafficking gang in the first such criminal trial Switzerland has seen against one of its major banks.
The case involved millions of euros in bank deposits made by the trafficking ring to Credit Suisse between 2004 and 2008. The deposits came as a result of drug sales activities and were eventually used to buy real estate in Switzerland and Bulgaria.
According to prosecutors, a former bank employee built an informal financial relationship with Bulgarian wrestler Evelin Banev, a key figure in the cocaine smuggling ring….