04 News · 08 GESARA/NESARA · 18 Corruption in the Finance Markets

Banking fraud

Credit Suisse (CSGN.S) agreed to pay France 238 million euros ($234 million) to settle a tax fraud and money laundering case on Monday, putting another legal headache behind it as it prepares a strategic overhaul…

…This month it agreed to pay $495 million to settle allegations it mis-sold mortgage-backed securities in the United States, the latest pay-out related to past blunders that have battered the bank’s reputation.

In June, the bank was convicted of failing to prevent money laundering by a Bulgarian cocaine trafficking gang, while a Bermuda court ruled that a former Georgian prime minister and his family were due damages of more than $600 million from Credit Suisse’s life insurance arm, which the bank is appealing.

A similar case is pending in Singapore.

The U.S. Justice Department is also reported to be investigating whether Credit Suisse continued helping U.S. clients to hide assets from authorities, eight years after the Swiss bank paid a $2.6-billion tax evasion settlement.”

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