Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen correspondent: 7 martyrs and wounded after an Israeli drone bombed a group of Palestinians while they were preparing a water well at the end of Al-Jalaa Street, north of Gaza.
Al Mayadeen correspondent in Gaza: 122 martyrs as a result of Israeli raids on the Gaza Strip since dawn today.
Senior Palestinian Resistance official to Al Mayadeen: During yesterday's round of negotiations in Doha, "Israel" insisted on releasing captives as part of a transitional phase, while Hamas adhered to comprehensive package
Iranian Foreign Minister Abbas Araghchi: A date has been set for the next round of indirect talks with the US, and it will be announced soon
Lebanese Ministry of Health: Two people, including a soldier, were injured in an Israeli airstrike near the town of Beit Yahoun, Bint Jbeil District, in South Lebanon
Araghchi: Iran is committed to diplomacy and expects the lifting of unjust and unilateral sanctions that directly target its people
Araghchi: We want a fair and balanced agreement reached within the framework of the Nuclear Non-Proliferation Treaty with full respect for Iran's nuclear rights
Araghchi: Iran has always sought to alleviate legitimate international concerns about its nuclear program through transparency
Araghchi: Iran is committed to the principle of not producing or deploying weapons of mass destruction
Araghchi: Iran is committed to the Nuclear Non-Proliferation Treaty and has never sought to possess nuclear weapons based on its principles

Swiss Secrets & Pandora Papers: Why no EU, US barons?

  • By Al Mayadeen Net
  • Source: Al Mayadeen
  • 22 Feb 2022 17:49
  • 1 Shares
4 Min Read

German banks, as well as UK and US banks, may benefit from Credit Suisse's weakness, experts say.

  • x
  • Credit Suisse (Reuters)
    Credit Suisse (Reuters)

Credit Suisse, Switzerland's second-largest bank, has been affected by a major leak of over 18,000 accounts opened between the 1940s and the 2010s, exposing alleged fraudsters and sanctioned individuals. The European People's Party (EPP) has called for a review of the EU's relationship with Switzerland, its fourth economic partner.

On his account, Chief economist at Tressis Gestion, Daniel Lacalle, said that "the logical steps would be to conduct a thorough investigation, find responsibilities, and put in place measures to ensure nothing similar happens again."

He added that "I believe that the days of lack of transparency are gone and Credit Suisse will likely strengthen its procedures to implement full compliance with the rules," stressing that "this news is ultimately positive because they make banks strengthen their compliance and transparency processes.”

According to Sergio Rossi, professor of macroeconomics and monetary economics at the University of Fribourg in Switzerland, German banks, as well as UK and US banks, may benefit from Credit Suisse's weakness.

Read More: The Pandora Papers: Why No Americans?

They could "recover either German wealthy clients or several other Western high-net-worth individuals, who might be very disappointed by the recent scandals that have been affecting Credit Suisse and its reputation", the academic added.

"It could accelerate the process towards the dissolution of Credit Suisse as a global player, since it seems now that it is very unlikely for Credit Suisse to re-establish its own reputation and credibility in the fields of asset and wealth management across the globe in the next couple of years", Rossi concluded.

Related News

China, Switzerland mark 75 years with push to expand trade ties

China’s exports to US fall 17.6% March to April amid trade war

Credit Suisse denied the charges, saying they are "predominantly historical" and that "the accounts of these matters are based on partial, inaccurate, or selective information taken out of context, resulting in tendentious interpretations of the bank's business conduct", Euronews reported.

The bank detailed that about 90% of accounts listed in the leak "are today closed or were in the process of closure prior to receipt of the press inquiries, of which over 60% were closed before 2015."

The leak 

A data leak from Credit Suisse exposed details of more than 30,000 accounts according to a German newspaper and other media outlets on Sunday, pointing to apparent failures of due diligence in checks on many customers.

The newspaper said it analyzed the data alongside the OCCRP (Organized Crime and Corruption Reporting Project) and dozens of media partners, including The New York Times and The Guardian, from the 1940s until well into the last decade.

According to the report, the bank has accepted customers who are "corrupt autocrats, suspected war criminals, and human traffickers, drug dealers, and other criminals."

A human trafficker convicted in the Philippines, a Hong Kong stock exchange chairman imprisoned for bribery, and an Egyptian billionaire who ordered the assassination of his Lebanese pop star girlfriend are among those exposed.

A former Siemens manager was listed as having six accounts after being convicted of bribery in 2008.

One of the former Siemens executives' accounts had assets worth more than 54 million Swiss francs (about $58.54 million) in 2006, according to the publication, which cannot be attributed to his Siemens income.

The revelation also discloses the hidden accounts of Jordan's King Abdullah II, Iraq's former Deputy Prime Minister Ayad Allawi, Algerian ex-President Abdelaziz Bouteflika, and Armenia's ex-President Armen Sarkissian.

  • Switzerland
  • Credit Suisse
  • UK
  • US
  • European Union

Most Read

Gaza and the logic of necropolitics: Sovereignty measured by killing

Gaza and the logic of necropolitics: Sovereignty measured by killing

  • Politics
  • 15 May 2025
Two F-35 jets arrive at it's new operational base Wednesday, Sept. 2, 2015, at Hill Air Force Base, in northern Utah. (AP)

F-35 near-misses over Yemen signal new risks for 'Israel': Forbes

  • Politics
  • 14 May 2025
Abu Obaida

Abu Obeida posts shortly after Israeli reports about his assassination

  • Palestine
  • 15 May 2025
YAF say struck 'Israel's' Ben-Gurion Airport with missiles, drones

YAF say struck 'Israel's' Ben Gurion Airport with missiles, drones

  • MENA
  • 18 May 2025

Coverage

All
Gaza prevails against genocide

Read Next

All
Israeli Prime Minister Benjamin Netanyahu looks up during a press statement at the Carmelite Monastery in the Buda Castle in Budapest, Hungary, April 3, 2025 (AP)
Politics

Under US pressure, Netanyahu allows limited Gaza aid, bypasses Cabinet

A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, Feb. 22, 2025 (AP)
Politics

'Israel' commits massacres during talks to pressure Hamas: Official

In this photo released by the Iranian Presidency Office, President Masoud Pezeshkian speaks to navy officials, in Tehran, Iran, Saturday, May 17, 2025. (AP)
Politics

Nuclear deal with US possible if intimidation tactics stop: Pezeshkian

Israeli forces inspect the site where a projectile fired by the Yemeni Armed Forces landed in the area of Ben Gurion International Airport near Tel Aviv, occupied Palestine, on Sunday, May 4, 2025 (AP)
Politics

Yemen warns airlines against flights to Ben Gurion amid blockade

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS