Swiss prosecutors file charges against Credit Suisse and UBS over Mozambique ‘tuna bonds’ scandal
Geneva’s Attorney General indicts the banks and a former compliance officer for alleged money-laundering and organisational failings tied to $2bn loans to Mozambique
Swiss federal prosecutors have filed criminal charges against Credit Suisse — now part of UBS Group AG — along with a former Credit Suisse compliance officer, in connection with what remains one of the biggest banking scandals in recent decades: the so-called Mozambique “tuna bonds” affair.
According to the indictment announced on December 1, 2025, prosecutors allege that Credit Suisse, and by extension UBS after the 2023 takeover, committed serious organisational “deficiencies” that allowed suspicious payments to go unreported.
The complaint centres on a roughly US$7 million transfer from Mozambique’s Finance Ministry in 2016 — part of a larger series of more than US$2 billion in loans arranged by Credit Suisse for state-owned companies.
These loans were ostensibly intended for maritime security and a tuna-fishing fleet, but large sums were diverted and never properly accounted for, contributing to a wider fraud and debt crisis that devastated Mozambique’s economy.
The former compliance officer has been charged with money laundering — prosecutors say she recognised warning signs that the funds were of criminal origin, yet advised ending the relationship rather than reporting the case to Swiss authorities at the time.
Credit Suisse did not file a suspicious-activity report until 2019, after pressure from foreign authorities.
In a statement, UBS rejected the allegations, saying it “firmly rejects” the conclusions of the Attorney General’s office and will “vigorously defend” its position.
Legal experts say this case could become a landmark test of whether a successor company — here UBS after acquiring Credit Suisse — can inherit criminal liability for misconduct that occurred before a merger.
Although under Swiss law liability can transfer after a takeover, previous cases have remained unsettled.
UBS already carries a heavy burden of legacy issues from Credit Suisse — including earlier settlements over tax-evasion facilitation in the United States.
The new charges now reopen what regulators and governments worldwide hoped had been finally resolved with prior deals.
For Mozambique, the potential criminal trial could reopen wounds from a scandal that triggered the suspension of international aid, a currency crash, and years of economic instability.
The announcement casts a long shadow over Switzerland’s banking sector.
It underscores persistent risks around governance, compliance, and the limits of post-merger reorganisations as tools for erasing past liability.
As national and international scrutiny rises, the outcome of these proceedings could reshape expectations for bank accountability and cross-border financial transparency.
For now, the charges serve as a stark reminder: in global banking, past misconduct cannot always be bought off — sometimes, it resurfaces, demanding justice anew.
According to the indictment announced on December 1, 2025, prosecutors allege that Credit Suisse, and by extension UBS after the 2023 takeover, committed serious organisational “deficiencies” that allowed suspicious payments to go unreported.
The complaint centres on a roughly US$7 million transfer from Mozambique’s Finance Ministry in 2016 — part of a larger series of more than US$2 billion in loans arranged by Credit Suisse for state-owned companies.
These loans were ostensibly intended for maritime security and a tuna-fishing fleet, but large sums were diverted and never properly accounted for, contributing to a wider fraud and debt crisis that devastated Mozambique’s economy.
The former compliance officer has been charged with money laundering — prosecutors say she recognised warning signs that the funds were of criminal origin, yet advised ending the relationship rather than reporting the case to Swiss authorities at the time.
Credit Suisse did not file a suspicious-activity report until 2019, after pressure from foreign authorities.
In a statement, UBS rejected the allegations, saying it “firmly rejects” the conclusions of the Attorney General’s office and will “vigorously defend” its position.
Legal experts say this case could become a landmark test of whether a successor company — here UBS after acquiring Credit Suisse — can inherit criminal liability for misconduct that occurred before a merger.
Although under Swiss law liability can transfer after a takeover, previous cases have remained unsettled.
UBS already carries a heavy burden of legacy issues from Credit Suisse — including earlier settlements over tax-evasion facilitation in the United States.
The new charges now reopen what regulators and governments worldwide hoped had been finally resolved with prior deals.
For Mozambique, the potential criminal trial could reopen wounds from a scandal that triggered the suspension of international aid, a currency crash, and years of economic instability.
The announcement casts a long shadow over Switzerland’s banking sector.
It underscores persistent risks around governance, compliance, and the limits of post-merger reorganisations as tools for erasing past liability.
As national and international scrutiny rises, the outcome of these proceedings could reshape expectations for bank accountability and cross-border financial transparency.
For now, the charges serve as a stark reminder: in global banking, past misconduct cannot always be bought off — sometimes, it resurfaces, demanding justice anew.
