MEPs call for review of Swiss banking laws after Credit Suisse leak

Media outlets published the results of investigations into a leak of data on thousands of accounts held at Swiss bank Credit Suisse.

The main political grouping in the European Parliament, the European People's Party (EPP), which includes Fine Gael MEPs, has called for a review of Switzerland's banking practices and for the country's possible inclusion in the EU's dirty-money blacklist after leaks of Credit Suisse documents.

Media outlets published the results of investigations into a leak of data on thousands of accounts held at the bank in past decades and said they appeared to show clients included human rights abusers and businessmen under sanctions. 

Credit Suisse said it strongly rejects any allegations of wrongdoing and that the media reports were based on "partial, inaccurate, or selective information taken out of context".

The EPP, which holds the biggest number of seats in the European Parliament, called on the EU Commission to "re-evaluate Switzerland as high-risk money-laundering country".

"The 'Swiss Secrets' findings point to massive shortcomings of Swiss banks when it comes to the prevention of money laundering," the EPP's coordinator on economic affairs Markus Ferber said.

When Swiss banks fail to apply international anti-money-laundering standards properly, Switzerland itself becomes a high-risk jurisdiction," he added.

The EU list currently comprises of 21 countries that are deemed to have shortfalls in their rules and practices against money laundering. Among them are Iran, Myanmar, Syria, and North Korea. No European country is on the list.

Swiss banking supervisor FINMA is in contact with Credit Suisse over the media reports, the watchdog said. 

Switzerland complies with international standards on fighting money laundering, the Government said, while declining to comment specifically on media reports that Credit Suisse did business with disreputable characters. 

"Today, Switzerland meets all international standards on the exchange of information in tax matters and on fighting against money laundering, terrorist financing, and corruption," the finance ministry's State Secretariat for International Finance said. 

"Switzerland has been participating in the international automatic exchange of information on account data since 2017, now with over 100 countries."

Reuters