"Switzerland's federal prosecutor has filed charges against the failed bank Credit Suisse and its new owner, UBS, over the long-running tuna bonds loan scandal that crashed Mozambique's economy nearly a decade ago. The Swiss attorney general said on Monday that it had brought money-laundering charges against an unnamed employee of Credit Suisse, but was also taking action against the lender and its rival-turned-owner UBS."
"The attorney general's office accused the banks of organisational deficiencies that ultimately failed to prevent wrongdoing and meant the suspicious transactions were not reported until 2019, after the US Department of Justice announced it was launching its own criminal proceedings. The prosecutor added that in 2016, in particular considerable defects existed in the companies' risk management, compliance and internal directives systems in connection with combating money laundering."
"The tuna bonds scandal arose from $2bn (1.5bn) worth of loans that Credit Suisse arranged for the Republic of Mozambique between 2013 and 2016. The loans were said to be going to government-sponsored investment schemes including maritime security projects and a state tuna fishery, located in the south-east African country's capital, Maputo. However, a portion of the funds went unaccounted for, with one of Mozambique's contractors later found to have secretly arranged significant kickbacks worth at least $137m,"
Swiss federal prosecutors filed money-laundering charges against an unnamed Credit Suisse employee and took action against Credit Suisse and UBS for organisational deficiencies that failed to prevent wrongdoing. Authorities said suspicious transactions were not reported until 2019 and that in 2016 considerable defects existed in risk management, compliance and internal directives related to anti-money-laundering. UBS acquired Credit Suisse in a 2023 emergency rescue. The tuna bonds scandal involved $2bn of loans arranged between 2013 and 2016 for Mozambique; portions were unaccounted and at least $137m in secret kickbacks contributed to an IMF aid suspension and a national economic collapse. Credit Suisse had already settled the case.
Read at www.theguardian.com
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