Swiss bankers reportedly attempted to conceal the extent of their involvement in helping the Nazis store looted assets during World War II by placing account information in a secret file labeled “American blacklist,” according to a recent report.
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Investigators examining archives at the defunct lender Credit Suisse uncovered Nazi-linked bank accounts that were not disclosed during investigations in the 1990s. Those probes ultimately resulted in a $1 billion restitution settlement with Holocaust survivors, as reported.
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Further research revealed evidence of an account managed by senior Nazi SS officers and a Swiss intermediary. This account is believed to have been used to transfer and store looted assets, according to sources.
Credit Suisse Concealed Nazi-Linked Accounts
Credit Suisse maintained bank accounts controlled by known Nazis, with records deliberately concealed under the label “American blacklist,” as reported. Investigators found that some of these accounts were tied to businesses that seized Jewish-owned assets and exploited forced labor in concentration camps.
The investigation, led by former federal prosecutor Neil Barofsky of the Manhattan-based law firm Jenner & Block LLP, began in 2021 after the Simon Wiesenthal Center flagged evidence of undisclosed Nazi-linked accounts. Despite efforts to uncover the truth, Barofsky accused Credit Suisse bankers of failing to provide full cooperation.
Barofsky’s Allegations and Challenges
Barofsky’s investigation was abruptly halted in 2022 when Credit Suisse terminated his services. In his subsequent report, he alleged that senior Nazi commanders who fled to Argentina after World War II maintained accounts at Credit Suisse, with some remaining active as recently as 2002. Following Credit Suisse’s acquisition by UBS in an emergency rescue, Barofsky was reinstated in late 2023 to continue his work.
The Senate Budget Committee, overseeing the State Department’s Office of the Special Envoy for Holocaust Issues, criticized Credit Suisse for its limited investigation. “The bank established an unnecessarily rigid and narrow scope and refused to follow new leads uncovered during the review,” wrote Sen. Chuck Grassley (R-Iowa) in April 2023. Barofsky’s removal further fueled concerns about the bank’s commitment to transparency.
Findings and Ongoing Investigation
Barofsky updated the U.S. Senate last month, stating that UBS and Credit Suisse had granted full access to archives, with over 50 individuals assigned to the probe. “The investigation has identified scores of individuals and legal entities connected to Nazi atrocities whose relationships with Credit Suisse were either previously unidentified or incompletely disclosed,” Barofsky wrote.
Switzerland, known for its neutrality and stringent banking confidentiality, has long been a hub for global finance. However, revelations about Nazi-linked accounts have cast a shadow over its banking history. In 1998, Credit Suisse and other Swiss banks agreed to a $1.25 billion settlement to compensate Holocaust victims and their heirs for stolen assets deposited before and during World War II.
A UBS spokesperson was quoted, “UBS is committed to contributing to a fulsome accounting of Nazi-linked legacy accounts previously held at predecessor banks of Credit Suisse.” The ongoing investigation aims to provide a comprehensive understanding of the bank’s involvement in Nazi-related financial activities.
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