Mafia Bosses, Dictators and Russian Oligarchs: Dubious Clients of Coutts

Former Chilean dictator Augusto Pinochet invested in Coutts & Co in Miami, according to a US Senate subcommittee. Credit: CRIS BOURONCLE/AFP

While Coutts shut down Nigel Farage's account because his views “didn't align” with their values, other private bank figures were far more controversial.

Coutts, who describes himself as “inclusive” and “culturally aware,” has previously managed the money of dictators, mafia bosses and Russian oligarchs.

Pinochet< p>Former Chilean dictator Augusto Pinochet had an account at the US branch of Coutts among other banks, hiding a total of $15m (£7.8m) in financial institutions. In 2005, a US Senate subcommittee reported that the despot responsible for the executions and enforced disappearances of more than 3,000 people had invested in Coutts & Co in Miami.

Mafia millions

In 1999, mafia leader Emilio Di Giovine laundered nearly £2 million through his Coutts account, according to the Guardian. The infamous head of the 'Ndrangheta, one of Italy's richest crime syndicates, served eight years in prison in the 1990s.

Hosni Mubarak, the former president of Egypt, and his sons were also clients of the same branch, The Guardian reported in 2016. Mubarak oversaw “systematic” human rights violations by intelligence agencies in Egypt, according to Amnesty International, and was sentenced to three years in prison for embezzling public funds in 2014.

The former president of Egypt was jailed for embezzlement. Photo: David Hume Kennerley/Getty Images Russian laundry

The Guardian stated in 2017 that the laundering of Russian money with ties to the Russian government and the KGB was carried out through British banks, including Coutts, totaling almost $740 million.

About 500 people were involved, including oligarchs, Moscow bankers and individuals associated with the FSB.

Joe Low

Former Coutts banker and head of anti-money laundering at a private bank was fined $55,000 and found guilty of violating disclosure requirements for “suspicious transactions” by the Swiss Federal Criminal Court in July 2020, the Financial Times reported.

Prosecutors claimed the banker was aware of the “red flags” in the case of Malaysian businessman Joe Low, who was allegedly involved in the fraud. Malaysian Sovereign Wealth Fund 1MDB.

Malaysian businessman Joe Low Photo: Stuart Rumson

Coutts spokesman said: factors, including commercial viability, reputational considerations, and legal and regulatory requirements.”