US EditionSwiss prosecutors target Credit Suisse, now part of UBS, over Mozambique money laundering case
Swiss prosecutors allege Credit Suisse failed to prevent laundering of nearly $7.9 million linked to Mozambique loans, charging the bank and a former compliance officer.
- On December 1, 2025, Swiss prosecutors indicted a former Credit Suisse official and charged the bank, now part of UBS, over a 2013 transfer of nearly $7.9 million from Mozambique's finance ministry.
- Credit Suisse's 2013 loan program to Mozambique provided over $2 billion to three state-owned companies for a coastal patrol force and tuna fishing fleet, later triggering a 2020 Swiss probe and a 2021 settlement of almost $475 million.
- Prosecutors say most of the money was routed to UAE accounts, the Credit Suisse compliance officer saw signs the funds `could be of felonious origin` and delayed reporting to MROS until 2019 after U.S. Department of Justice action.
- Prosecutors have also opened criminal proceedings against two other people, Swiss legal penalties include up to one year in prison and a 5 million Swiss franc fine, and UBS said it `firmly reject the Office of the Attorney General's conclusions and will vigorously defend our position.`
- Swiss prosecutors have increasingly used this corporate clause, applying it with growing success in recent years while recent cases involving Trafigura and Credit Suisse drove investor flight and Credit Suisse's near collapse and rescue by UBS.
19 Articles
19 Articles
Credit Suisse Charged Over Laundering Tied to Mozambique Loan
Swiss prosecutors charged Credit Suisse with failing to prevent suspected money laundering of suspicious service fees linked to loans the lender offered Mozambique to build a fishing fleet in what became the tuna-bond scandal.
Swiss prosecutors indict UBS over Credit Suisse-era money laundering
Swiss federal prosecutors on Monday accused UBS-owned Credit Suisse of failing to prevent money laundering linked to loans granted to Mozambique's tuna fishing fleet, which triggered an economic crisis in the African country nearly a decade ago.
Associated Press News
Swiss prosecutors target Credit Suisse, now part of UBS, over Mozambique money laundering case
Swiss prosecutors have indicted a former official at Credit Suisse for alleged money laundering in a case involving state companies in Mozambique, and they have charged the bank for not doing enough to stop it.
Lending to state-owned companies in the East African country has long been the focus of justice. A former CS employee is now being charged with money laundering.
Credit Suisse Hit With Laundering Charges in Mozambique Case
(Bloomberg) -- Swiss prosecutors charged Credit Suisse with failing to prevent suspected money laundering of suspicious service fees linked to loans the lender offered Mozambique to build a fishing fleet in what became the tuna-bond scandal.
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