Credit Suisse found guilty in cocaine cash case

STORY: Credit Suisse has been found guilty of failing to prevent money laundering.

It’s Switzerland’s first criminal trial for one of its major banks.

The case included testimony on murders and suitcases stuffed with cash.

On Monday (June 27) the court said Credit Suisse had not done enough to stop money movements by a Bulgarian drug trafficking ring.

A former employee of the lender was also found guilty of money laundering.

Credit Suisse and the employee have denied all wrongdoing, and the bank says it will appeal.

The conviction results from an investigation dating back more than 14 years.

It’s seen as a test case for authorities who have pledged to get tougher on the country’s big banks.

Analysts say it could send a message that Switzerland is now cracking down on money laundering.

Credit Suisse faces a fine of over $2 million, while the court also ordered the seizure of money in accounts held by the gang.

The former employee received a suspended prison sentence and a fine.