Swiss federal prosecutors have filed criminal charges against UBS over alleged money-laundering failures linked to the long-running Mozambique “tuna bonds” scandal, pulling the bank deeper into a case that began years before it absorbed Credit Suisse. The indictment accuses the former Credit Suisse unit—and now UBS as its legal successor—of serious organisational shortcomings that allowed suspicious payments tied to state-backed loans to flow through the bank’s accounts.
The Office of the Attorney General announced the charges on Monday, saying Credit Suisse should have acted to prevent the transfer of illicit funds connected to loans that triggered a financial crisis in Mozambique nearly a decade ago.
Alleged failures revive scandal that helped sink Credit Suisse
Prosecutors argue that more than $7.9 million sent from Mozambique’s Finance Ministry moved through a Credit Suisse account before being transferred to the United Arab Emirates.
According to the indictment, the money was tied to bribery of Mozambican officials and misconduct involving state-owned companies that borrowed over $2 billion to finance a tuna fishing fleet and maritime security projects. The scandal eventually pushed Mozambique into default, sparked investigations around the world and severely damaged Credit Suisse’s reputation.
UBS firmly rejected the accusations, stressing that the events occurred long before its 2023 takeover of Credit Suisse. The bank said it would vigorously defend its position. Prosecutors, however, argue that UBS is now liable as the legal successor.
The OAG also charged a former Credit Suisse employee with money laundering. A second former staff member will not face trial after prosecutors closed that part of the case for “procedural economy.” Earlier this year, Switzerland’s finance ministry fined Credit Suisse’s former compliance chief for failing to alert anti-money-laundering authorities, a decision she is contesting.
The case comes after Credit Suisse reached a $475 million settlement in 2021 with U.S. and British regulators over the scandal. When the affair surfaced in 2016, the International Monetary Fund and other donors froze support for Mozambique, triggering a sharp currency collapse and severe financial turmoil.
UBS now finds itself dealing with the legal legacy of a bank it acquired under pressure, while prosecutors signal they intend to pursue accountability for decisions made long before the merger.