Some of the most controversial Coutts' clients have been revealed after GB News presenter Nigel Farage had his account closed because his views did not “align” with their values.
Farage’s account had been closed earlier this month after the bank said they no longer wanted him as a customer.
But other figures linked to the private bank have caused far greater controversy.
Coutts has previously managed money for dictators, mafia bosses, and Russian oligarchs but describes itself as “inclusive” and “culturally aware”.
Farage’s account had been closed earlier this month after the bank said they no longer wanted him as a customer
GB NewsAmong those is former Chilean dictator Augusto Pinochet, who opened an account with the US branch of Coutts along with other banks, to hide a total of $15million (£7.8million) across financial institutions.
In 2005, a US Senate subcommittee found that the dictator - responsible for the executions and forced disappearances of more than 3,000 people - had invested with Coutts & Co in Miami.
Almost £2million in cash was laundered through Coutts by Mafia leader Emilio Di Giovine, according to the Guardian in 1999.
The boss of the Ndrangheta, one of Italy’s wealthiest crime groups, served eight years in jail.
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While Hosni Mubarak, the former Egyptian president, and his sons were also clients of the same branch.
Mubarak managed “systematic” violations of human rights by the security services in Egypt, according to Amnesty International.
He was incarcerated for three-years for embezzlement of public funds in 2014.
Despite Farage being described by Coutts as a backer of Russia President Vladimir Putin as part of his war with Ukraine war, the bank had processed laundered cash with links to the Russian government and KGB.
Despite Farage being described by Coutts as a backer of Russia President Vladimir Putin as part of his war with Ukraine war, the bank had processed laundered cash with links to the Russian government and KGB
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It is claimed around 500 people were involved including oligarchs, Moscow bankers and figures connected to the FSB.
According to the Financial Times, a former Coutts banker and anti-money laundering executive was fined $55,000 after being found guilty of violating requirements to disclose “suspicious transactions” by the Swiss Federal Criminal Court in July 2020.
The banker was reportedly made aware of “warning signs” in the case of Malaysian businessman Jho Low, who was allegedly involved in defrauding the Malaysian sovereign wealth fund 1MDB.
A Coutts spokesperson said: “Decisions to close an account are not taken lightly and involve a number of factors including commercial viability, reputational considerations, and legal and regulatory requirements.”
