The Swiss justice system ruled on Wednesday, May 20, to acquit a former compliance officer of Credit Suisse, who had been accused of money laundering linked to the controversial financial scheme known as the “tuna bonds.”
According to Reuters, the hearing began on Tuesday, May 19, at the Swiss Federal Criminal Court in Bellinzona, in southern Switzerland. It added that the authorities did not provide any justification for the decision reached in the trial.
The case took place in a context where Swiss authorities continue to investigate responsibilities related to loans that contributed to Mozambique’s financial crisis in the past decade and that also damaged the international reputation of Credit Suisse, which was later acquired by UBS in 2023 in a state-backed emergency takeover.
According to the prosecution, the former bank official allegedly facilitated, in 2016, the transfer of more than 764,000 US dollars derived from criminal activities to Abu Dhabi, making it harder for authorities to trace and seize the funds.
Swiss prosecutors also argued that Credit Suisse failed to promptly report suspicious transactions to financial crime authorities. The report was only submitted in 2019, after the scandal gained international attention through criminal proceedings in the United States.
Other reports suggest that although internal investigations into money laundering reached senior bank management, there were failures in oversight and guidance within compliance teams. However, prosecutors were unable to attribute individual criminal responsibility to top executives.
The trial came just weeks after the Swiss Federal Criminal Court dropped a case against UBS related to the Mozambican scandal, ruling that Credit Suisse no longer exists as a legal criminal entity following its 2023 merger with UBS, and that criminal liability does not automatically transfer in corporate mergers.
The “hidden debts” scandal relates to around 2.7 billion US dollars in loans granted to Mozambican public companies linked to tuna fishing and maritime security sectors, namely ProÍndicus, EMATUM, and MAM, between 2013 and 2014. The loans were guaranteed by the state without parliamentary approval or the knowledge of international partners, violating budgetary and constitutional rules.
The revelation of the debts in 2016 triggered one of the most severe economic and financial crises in Mozambique’s recent history. The country lost direct external budget support, the metical sharply depreciated, inflation increased, and Mozambique entered default on international creditors.
International investigations also uncovered suspicions of bribery and corruption schemes involving former Mozambican officials, international bankers, and financial intermediaries linked to the loan structuring.
Switzerland’s Ministry of Finance also sanctioned former Credit Suisse compliance director Lara Warner last year for her involvement in the case. The former executive has since challenged the decision by the authorities.
