Calls grow for EU to add Switzerland to money-laundering blacklist

All three of the largest groups in the European parliament are demanding that the EU assess whether Switzerland should be categorised as a high-risk country for money laundering and financial crime, as reaction to the Credit Suisse leak continues to reverberate about the world.

Less than 48 hours after the Guardian and other media published an investigation into the leak as part of the Suisse secrets project, political groups representing the majority of MEPs in the European parliament support the possible blacklisting of Switzerland.

The centre-right European People’s party’s (EPP’s) economic and monetary affairs spokesperson had demanded on Monday that the European Commission reconsider whether Switzerland posed a threat to the financial integrity of the bloc.

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Suisse secrets

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What is the Suisse secrets leak?

Suisse
secrets is a global journalistic investigation into a leak of data from
the Swiss bank Credit Suisse. It comprises more than 18,000 bank
accounts that were leaked to Süddeutsche Zeitung by a whistleblower who
said Swiss banking secrecy laws were “immoral”. The data, which is only a
partial capture of the bank’s 1.5 million private banking clients, is
linked to more than 30,000 Credit Suisse clients. The leak includes
personal, shared and corporate bank accounts – holding, on average, 7.5m Swiss francs (CHF). Almost 200 accounts in the data are worth more than 100m
CHF, and more than a dozen are valued
in the billions. While some accounts in the data were open as far back
as the 1940s, more than two-thirds were opened since 2000. Many of those
were still open well into the last decade, and a portion remain open
today.

The Guardian was among more than 48 media partners around
the world including journalists at Le Monde, NDR, the Miami Herald and the
New York Times. They spent months using the data to investigate the
bank, in a project coordinated by Süddeutsche Zeitung and the Organized
Crime and Corruption…

Read full story at the guardian.com

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