{"id":94917,"date":"2025-12-02T10:26:18","date_gmt":"2025-12-02T10:26:18","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case"},"modified":"2025-12-02T10:47:52","modified_gmt":"2025-12-02T10:47:52","slug":"former-credit-suisse-official-indicted-in-mozambique-case","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case","title":{"rendered":"Former Credit Suisse Official Indicted in Mozambique Case"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Mozambique. <\/strong><\/span><b>Swiss authorities on Monday said they have indicted a former official at Credit Suisse \u2014 now part of Swiss banking titan UBS \u2014 for alleged money laundering in a case involving state companies in Mozambique, and charged the bank with not doing enough to stop it.<\/b><\/p>\n<p>Credit Suisse, which was merged into UBS two years ago, is said to have provided loans totaling more than $2 billion to three state-owned companies in the African country in 2013. Three years later, the deals became known as the \u201cMozambique Debt Scandal,&#8221; the Swiss attorney general&#8217;s office said, adding that it had opened a probe in 2020.<\/p>\n<p>The indictment handed down on Nov. 25 centers on the transfer in 2013 of nearly $7.9 million from Mozambique&#8217;s Ministry of Economy and Finance to a Credit Suisse account in Switzerland. The vast majority of the funds were then transferred to accounts in the United Arab Emirates, the attorney general\u2019s office said.<\/p>\n<p>According to the indictment, the Credit Suisse compliance officer was aware of many signs that the funds from Mozambique \u201ccould be of felonious origin,\u201d but recommended that top bank managers should not report the case to Switzerland&#8217;s money laundering reporting office, known as MROS, and simply \u201cterminate\u201d the commercial relationship.<\/p>\n<p>Credit Suisse didn&#8217;t report the case to MROS until 2019, after the US Justice Department announced criminal proceedings in connection with the Mozambique loans.<\/p>\n<p>The attorney general&#8217;s office alleged that the negligence of the compliance officer, who was not named, allowed the funds to be laundered, and said Credit Suisse didn&#8217;t take \u201crequired and reasonable\u201d measures to stop it.<\/p>\n<p>UBS has been charged with being \u201ccriminally liable,\u201d the office said.<\/p>\n<p>In an email, UBS said: \u201cWe firmly reject the Office of the Attorney General\u2019s conclusions and will vigorously defend our position.\u201d<\/p>\n<p>The attorney general&#8217;s office said it is conducting criminal proceedings against two other people in connection with the Mozambique case.<\/p>\n<p>It was one of a string of troubles for Credit Suisse that led Swiss government officials and UBS to arrange the 2023 merger of Switzerland&#8217;s two biggest international banks.<\/p>\n<p>UBS has already mopped up other troubles at its now-defunct former rival, including by paying fines over Credit Suisse&#8217;s ties to collapsed hedge fund Archegos Capital Management two years ago.<\/p>\n<p><strong>For More News And Analysis About <span style=\"color: #ff6600\">Mozambique<\/span> Follow <span style=\"color: #ff6600\">Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Mozambique. Swiss authorities on Monday said they have indicted a former official at Credit Suisse \u2014 now part of Swiss banking titan UBS \u2014 for alleged money laundering in a case involving state companies in Mozambique, and charged the bank with not doing enough to stop it. Credit Suisse, which was merged into [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":94916,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[1772,5142,283,1777],"class_list":["post-94917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-credit-suisse","tag-money-laundering","tag-mozambique","tag-ubs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Former Credit Suisse Official Indicted in Mozambique Case - Mozambique<\/title>\n<meta name=\"description\" content=\"Swiss authorities on Monday said they have indicted a former official at Credit Suisse \u2014 now part of Swiss banking ti ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Former Credit Suisse Official Indicted in Mozambique Case\" \/>\n<meta property=\"og:description\" content=\"Swiss authorities on Monday said they have indicted a former official at Credit Suisse \u2014 now part of Swiss banking ti ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-02T10:26:18+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-02T10:47:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2025\/12\/sm_1764659582.618974.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"538\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Former Credit Suisse Official Indicted in Mozambique Case\",\"datePublished\":\"2025-12-02T10:26:18+00:00\",\"dateModified\":\"2025-12-02T10:47:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case\"},\"wordCount\":397,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2025\/12\/sm_1764659582.618974.jpg\",\"keywords\":[\"Credit Suisse\",\"money laundering\",\"Mozambique\",\"UBS\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/former-credit-suisse-official-indicted-in-mozambique-case\",\"name\":\"Former Credit Suisse Official Indicted in Mozambique Case - 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