The Belgian federal prosecutor's office has opened an investigation against the Swiss bank for money laundering and illegal exercise of the profession of financial intermediary.

The Covid-19 epidemic, which weighs heavily on their accounts, had almost made us forget one of the Achilles heels of European banks: legal cases, which can end in costly fines. Credit Suisse came to remind us of this on Monday with the revelations of the Belgian daily "L'Echo", reporting information against the Swiss bank in Belgium on suspicion of money laundering and illegal exercise of the profession of financial intermediary.

According to a spokesperson for the Belgian federal prosecutor's office, the latter received information in 2019 from the French authorities, including data on more than 2,600 Belgian customers of Credit Suisse. These data relate to the period between 2003 and 2014. "If the file is open, it means that there are serious clues but suspicions are not proof of guilt," insisted the spokesperson. At this stage, the file has not been entrusted to an investigating judge.

Survey in France

In France, the National Financial Prosecutor's Office (PNF) already opened an investigation in April 2016 for aggravated money laundering of tax evasion. “The investigation brought to light several thousand bank accounts opened in Switzerland and not declared by their holders to the French tax authorities, the PNF specified in 2017. The Netherlands, Germany, Great Britain and Australia are concerned by the same facts”. The investigation is ongoing.

Eighteen months after the fine of 3.7 billion euros imposed in France on its compatriot UBS, Credit Suisse is walking on eggshells. The group “applies a strict zero tolerance policy and wishes to maintain relationships with customers who have paid their taxes and fully declared their assets, he reacted on Monday. We strictly comply with all applicable laws, rules and regulations in the countries in which we operate. »

In 2014, Credit Suisse agreed to pay a $2.6 billion fine for inducing US taxpayers to open secret accounts in Switzerland. Two years later, she signed an agreement with the American authorities providing for a fine of 5.3 billion dollars to close the investigation into the role of the establishment in the “subprime” crisis.