Credit Suisse and UBS face charges in Switzerland over 'tuna bonds'

Switzerland’s federal prosecutor has filed charges against the failed bank Credit Suisse and its new owner, UBS, over the long-running “tuna bonds” loan scandal that crashed Mozambique’s economy nearly a decade ago.

- Kalyeena Makortoff

The Swiss attorney general said yesterday it had brought money-laundering charges against an unnamed employee of Credit Suisse, but was also taking action against the lender and its rival-turned-owner UBS.

The attorney general’s office accused the banks of “organisational deficiencies” that ultimately failed to prevent wrongdoing and meant the suspicious transactions were not reported until 2019, after the US Department of Justice announced it was launching its own proceedings.