Credit Suisse found guilty in money laundering tied to cocaine rings

Credit Suisse Group AG and a former employee were found guilty Monday in a Swiss federal criminal court of helping a Bulgarian criminal group launder money related to the cocaine trade.

The court found Credit Suisse did not do enough to prevent money laundering by members of the criminal ring, which prosecutors say shipped tons of cocaine into Europe and laundered millions of dollars through Credit Suisse. It fined Credit Suisse about $2.1 million and ordered it to pay about $20 million to the Swiss government.

https://www.wsj.com/articles/credit-suisse-found-guilty-in-money-laundering-case-tied-to-cocaine-ring-11656342724?mod=rss_markets_main Credit Suisse found guilty in money laundering tied to cocaine rings

Luke Plunkett

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