Briefcases of cash and Smurfs – Credit Suisse Guilty in Bulgarian Money Laundering Case

On June 27, 2022, a court in Switzerland ordered Credit Suisse to pay 21 million francs in connection to money laundering offences between 2007 and 2008.  During that period, a bank employee aided Bulgarian drug smugglers in laundering millions of dollars’ worth of cash through a process known as “smurfing.”  The ruling is the latest in a line of legal woes faced by the bank in recent years.