Ex-Credit Suisse employee charged with money laundering

A former employee of Credit Suisse has been charged with lending to Mozambican state-owned companies totalling over $2 billion (CHF1.6 billion). Credit Suisse and its successor company UBS are accused of failing to prevent the offence. +Get the most important news from Switzerland in your inbox The Office of the Attorney General of Switzerland (OAG) criticised organisational shortcomings in this context on Monday, as detailed in a press release. The loans were granted by the Credit Suisse Financial Group to three Mozambican state-owned companies in 2013. In 2016, they became known as the "Mozambique debt scandal". In 2020, the OAG opened initial criminal proceedings in this connection, which it is currently conducting against two people on suspicion of money laundering and aiding and abetting the bribery of foreign public officials. Based on findings from these first criminal proceedings, the OAG opened a second criminal investigation in 2023, which it has now concluded with the ...