Switzerland at risk of EU blacklist after Credit Suisse leak

A move to the blacklist would mean Switzerland would face the kind of enhanced due diligence applied to transactions linked to rogue nations including North Korea. Composite: Guardian

The fallout from a huge leak of Credit Suisse banking data threatened to damage Switzerland’s entire financial sector on Monday after the European parliament’s main political grouping raised the prospect of adding the country to a money-laundering blacklist.

The European People’s party (EPP), the largest political grouping of the European parliament, called for the EU to review its relationship with Switzerland and consider whether it should be added to its list of countries associated with a high risk of financial crime.