Credit Suisse leak as another pledge for blockchain

Credit Suisse leak as another pledge for blockchain

Murder, drug and human trafficking, corruption… people who resort to these activities have an unfortunate obligation to launder the proceeds.

To do so, and despite the deeds’ gruesome nature, the perpetrators do not search for suspisciously-looking criminals in dark alleys – they put on suits and schedule meetings with senior bankers ?

A number of journalist investigations have repeatedly exposed the siloed world of the Big Finance: Panama Papers, Pandora Papers, CumEx files… The most recent data leak from Credit Suisse exposing beneficiaries of over CHF100 Bn – some of them more than shady – is just another example.

? The leak was only a partial capture of the bank’s 1.5M clients, but contained plenty of interesting data, which was assembled by a group of journalists from worldwide newspapers. The unearthed evidence included corrupt politicians from Egypt to Ukraine, human traffiker from the Philippines, a billionaire murderer and the executives who looted Venezuela’s state oil company.

?️ So far Credit Suisse strongly rejects the allegations, but it does not really matter. Worldwide financial community will happily make it a scapegoat, directing people’s frustration against the banking system to one bank and hoping they will forget last year’s Pandora Papers mentioning Société Générale, HSBC and UBS ?

– Or 2018’s CumEx files incriminating an international €140Bn tax scheme involving, among others, Deutsche Bank, Santander, BNP Paribas ?

– Or Danske bank laundering over €200Bn over 7 years ?

After decades of such investigations it should have been clear that this problem cannot be solved with more KYC rules, or more surveillance, or more legal hurdles to overcome – those are only obstructing the lives of average people and their businesses.

⚠️There will always be a way to launder money for a bank insider (especially highly ranked one).

So how else combat money laundering ? Try a transparent, independent system, where no insider can mess with the data.

Try blockchain.