‘Suisse Secrets’: A Pakistani Owns The Wealthiest Account

Web Desk — A leak from ‘Suisse Secrets’ has revealed the wealth of its clients, including hundreds of Pakistanis, ranging from businessmen to politically exposed individuals and those who have been investigated, and in some cases convicted, for various criminal offenses.

According to the Organised Crime and Corruption Reporting Project (OCCRP), Pakistanis’ accounts are diverse. Also included are individuals who have been or are currently under investigation by the National Accountability Bureau. Also, there have been instances in which the accused opened accounts while the investigation was ongoing and the NAB was unaware of the transaction.

Several politically exposed individuals opened their accounts while holding public office but failed to disclose this fact in their asset declarations submitted to the Pakistani Election Commission. At the height of his political career, one such individual received a substantial sum of money from Credit Suisse.

A politically exposed individual also owned one of the wealthiest accounts held by a Pakistani at the bank.

Furthermore, the data contained details about several cases currently under investigation in Pakistan in which investigators were given incorrect information about the assets under consideration. While many believe that the problem of fake accounts is limited to Pakistani banks, it has emerged that Pakistanis have also used Credit Suisse to open accounts in their proxy’s names without the bank conducting proper due diligence.

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In Pakistan, the average maximum balance in accounts was 4.42 million Swiss francs (Rs841 million), compared to the leaked data’s overall average of 7.5 million Swiss francs (Rs1.42 billion). The data revealed almost 200 clients with accounts worth more than 100 million Swiss francs (Rs19 billion), and over a dozen with accounts worth billions.

With its ironclad bank secrecy laws, Switzerland has long been a haven for those who wish to hide their money. As a result, the country’s biggest banks – particularly Credit Suisse and UBS – have become targets of authorities in the United States and elsewhere seeking to crack down on tax evasion, money laundering, and other crimes.

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In 2014, Credit Suisse admitted to conspiring to help Americans file false tax returns and paid $2.6 billion in fines, penalties, and restitution. Despite US and European authorities sanctioning him for his ties to Robert Mugabe’s government, the bank kept an account open for a Zimbabwean businessman. After the sanctions were imposed, the accounts were kept open for several months.