Swiss Bank Employee Acquitted in Mozambique Tuna Bond Money Laundering Case
Overview of the Mozambique Tuna Bond Scandal and Swiss Court Ruling
Background of the Case
ZURICH, May 20 (Reuters) - A Swiss bank employee accused of money laundering in a trial linked to Mozambique's "tuna bond" scandal has been cleared, the court said on Wednesday.
Allegations Against the Credit Suisse Employee
The former Credit Suisse compliance officer had been accused of money laundering for arranging the transfer of more than 600,000 Swiss francs ($764,000) of criminal origin to Abu Dhabi in 2016.
Impact of Tuna Bond Loans on Mozambique
Loans arranged by the bank to develop Mozambique's tuna fishing fleet helped push the African country into bankruptcy a decade ago, years before Credit Suisse itself was hit by crisis and was eventually bought by UBS in a state-engineered emergency takeover in 2023.
Court Proceedings and Verdict
Swiss Federal Criminal Court Hearing
The employee was cleared of the charges following a hearing at the Swiss Federal Criminal Court in Bellinzona, southern Switzerland. The court did not give a reason for its decision.
Reporting and Editorial Credits
(Reporting by John Revill; Editing by Alex Richardson)
