1 dicembre 2025|
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|3 days agoEx-Credit Suisse Employee Charged in $2 Billion Mozambique Debt Scandal; UBS Faces Scrutiny
The Swiss Attorney General has charged a former Credit Suisse employee with money laundering in connection with over $2 billion in loans to Mozambican state companies. Successor bank UBS is also criticized for organizational failures in preventing the offense.
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Generated IllustrationKey Takeaways
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- A former Credit Suisse employee has been charged with money laundering by the Swiss Attorney General's Office (OAG).
- Credit Suisse, and its successor UBS, are accused of organizational failures that failed to prevent the money laundering activities.
- The accused compliance employee allegedly recommended against filing a report with the Money Laundering Reporting Office Switzerland (MROS) despite numerous red flags.
- Credit Suisse only reported the suspicious activities to MROS in 2019, after the US Department of Justice had already publicized its own criminal proceedings.
By The Numbers
Over $2 billion
Total value of loans to Mozambican state companies
$7.86 million
Suspicious funds received into a Credit Suisse account
$7 million
Funds transferred to the UAE
$609,000 and CHF 28,000
Remaining funds transferred abroad
They Said
"The Office of the Attorney General of Switzerland (OAG) criticised organisational shortcomings in this context."
"The funds received from Mozambique – the running fee – were obtained or favoured by criminal offences in Mozambique, in particular corruption in the form of bribery of Mozambican public officials and disloyal conduct in Mozambique."