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Swiss court drops action against former Credit Suisse compliance chief over Mozambique tuna fleet case
The court said the 100,000 Swiss franc fine was cancelled after finding the alleged reporting breach was time-barred.
- On Tuesday, Switzerland's Federal Criminal Court ended proceedings against former Credit Suisse compliance chief Lara Warner, ruling the case exceeded the statute of limitations and cancelling a 100,000 Swiss franc fine imposed last year.
- Warner was accused of failing to notify Switzerland's Money Laundering Reporting Office about a suspicious March 2016 transfer of about $7.8 million from Mozambique's finance ministry to Credit Suisse, followed by about $7 million to the United Arab Emirates days later.
- The underlying scandal stemmed from 2013-2014 deals between Mozambican state companies and shipbuilder Privinvest funded by Credit Suisse, where hundreds of millions disappeared and triggered currency collapse and financial turmoil when exposed in 2016.
- Warner stated she was "relieved by this decision and grateful that this matter has finally been resolved," while the Swiss finance ministry said it was reviewing a possible appeal against the court's decision.
- The dismissal concludes direct prosecution efforts against senior Credit Suisse figures in the Mozambique scandal; a separate money laundering case against Warner was abandoned last year, a former employee reporting to her was acquitted last week, and UBS proceedings halted in April.
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5 Articles
5 Articles
The scandal is due to transactions between state-owned companies in Mozambique and shipbuilder Privinvest more than ten years ago. Now, not only the fine has lapsed.
·Düsseldorf, Germany
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Swiss court drops action against former Credit Suisse compliance chief over Mozambique tuna fleet case
Switzerland's Federal Criminal Court has ended proceedings against former Credit Suisse executive Lara Warner over allegations she failed to report suspected money laundering related to the Mozambique tuna bond scandal.
·United Kingdom
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The former directors of Credit Suisse seem to be escaping prosecution or obtaining acquittals. This is the case on Tuesday of the former compliance officer of the bank. A case of unreported suspicious funds has been closed without further action due to a statute of limitations.
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Total News Sources5
Leaning Left2Leaning Right1Center1Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 25%
R 25%
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