According to a data breach of Credit Suisse clients, the bank stored millions of dollars for heads of state, intelligence officers, sanctioned businessmen, and human rights abusers. A whistleblower told a German newspaper about more than 18,000 active Credit Suisse accounts that were worth more than $100 billion. The data was shared by the newspaper with the Organized Crime and Reporting Project as well as 46 other global news organisations, including The New York Times.
People holding millions in bank accounts include Jordan’s King Abdullah and the two sons of former Egyptian President Hosni Mubarak. Other account users include the sons of a Pakistani intelligence official who helped move billions of dollars to the mujahideen and corrupt Venezuelan officials, who used the account.
The latest such leak follows a series of investigative papers known as the Panama Papers, Paradise Papers, and Pandora Papers, which focused on the secrets of financial companies that house some of the world’s wealthiest people and operate mainly outside of tax regulations. In each instance, the data was evaluated by groups of journalists from across the globe.
In 2014, the bank pleaded guilty to conspiring to help Americans file fake tax returns. According to recent sources, it paid $2.6 billion in fines, penalties, and restitution.