Another banking scandal

A leak of data from Swiss bank Credit Suisse has shown that it provided services for many years to known criminals and fraudsters involved in torture, drug trafficking, money laundering, corruption and other serious crimes. It’s the latest huge scandal to hit the Swiss bank, say investigative Guardian reporters. The leak points to widespread failures of due diligence by Credit Suisse, despite repeated promises over decades to weed out dubious clients and illicit funds. The huge trove of banking data was leaked by an anonymous whistleblower to the German newspaper Süddeutsche Zeitung. (Kalyeena Makortoff and David Pegg, (The Guardian 26 Feb 2022).

My comment: It seems only weeks since a similar scandal involved HSBC bank, since when the matter has disappeared from the news. Major criminal activity cannot be reduced until governments really clamp down on corrupt banks, which ought to be relatively straightforward, but doesn’t seem to be. One wonders (naively) why?.

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