By John Meyer, consultant in financial affairs – Eurasia Business News, January 4, 2025. Article n°1362.
Recent investigations reported by the Wall Street Journal have revealed that Credit Suisse maintained nearly 100 accounts associated with Nazis and Nazi-linked individuals, some of which remained active until as recently as 2022. These new findings, after those highlighted by the U.S. Senate Budget Committee in April 2023, have raised significant concerns about the bank’s historical ties to the Nazi regime and its role in facilitating financial services for individuals linked to war crimes.
New documents found in bank archives in 2024 by independent investigators now show it might have been at least in part a whitewash.
New Findings
Historical Accounts: The reports indicate that Credit Suisse had 70 banking accounts linked to Argentina-based Nazis opened after 1945, with at least 14 of these accounts remaining open into the 21st century.
Undisclosed Accounts: The internal investigation by Credit Suisse, which was hampered by limitations and restrictions, uncovered 99 previously undisclosed accounts tied to senior Nazi officials or affiliated groups in Argentina.
New documents have been found in 2024 during an internal investigation. A cache of client files stamped “American blacklist,” a designation for those financing or trading with Nazis or Axis partners, was recently found by independent investigators probing Credit Suisse, one of Switzerland’s biggest banks and now part of UBS.
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Obstruction Allegations: There are allegations that the bank obstructed a thorough investigation by limiting access to critical records and terminating the independent ombudsperson overseeing the probe, Neil Barofsky.
Context and Implications
Pressure for Accountability: The previous revelations made in April 2023 had intensified scrutiny on Credit Suisse, prompting calls for a more comprehensive investigation into its historical dealings with Nazi clients. Jewish advocacy groups and U.S. lawmakers are demanding transparency and accountability regarding the bank’s past actions.
Broader Historical Context: This new inquiry started in 2024 comes decades after Swiss banks faced criticism for their roles during World War II, including a $1.25 billion settlement related to Holocaust victims’ assets in the late 1990s. The current findings suggest that issues surrounding Nazi-linked accounts may not have been fully resolved.
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© Copyright 2024 – Eurasia Business News. Article no. 1362.
Eurasia Business News 