Swiss Bank Worker on Trial Amid Money Laundering Claims in Tuna Bond Scandal
Money Laundering Trial Linked to Mozambique's Tuna Bond Scandal
ZURICH, May 19 (Reuters) - Switzerland on Tuesday opened a money-laundering trial linked to Mozambique's "tuna bond" scandal, focusing on a former Credit Suisse compliance officer after the responsibility of more senior bankers could not be established.
Loans arranged by the lender 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.
Key Details of the Case
Here are some details:
Allegations Against the Compliance Officer
• The compliance officer is 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, frustrating efforts to locate or confiscate the funds.
Bank's Reporting and Internal Investigation
• The bank did not file a suspicious activity report with Switzerland's financial crime unit at the time, doing so only in 2019 after details of the scandal emerged in U.S. criminal proceedings, according to the indictment.
• While Credit Suisse's internal money-laundering investigation had top management attention, executive board members inadequately instructed and supervised compliance staff, the indictment added. Prosecutors could not attribute responsibility for this to an individual, it said.
Legal Proceedings and Outcomes
• Switzerland's Criminal Court in April discontinued proceedings against UBS over the Mozambique scandal, saying Credit Suisse ceased to exist as a criminal-law entity with the 2023 merger, in a decision that can be appealed.
Fines and Challenges
• The Swiss finance ministry last year fined Lara Warner, Credit Suisse's former compliance chief in relation to the Mozambique case, a decision which she has challenged.
($1 = 0.7852 Swiss francs)
(Reporting by Ariane Luthi. Editing by Mark Potter)
