Survey of Credit Suisse employees in Mozambique
The Federal Department of Finance is investigating Credit Suisse employees in connection with the Mozambique affair, reports “Tages-Anzeiger”.
The Federal Department of Finance (FDF) is taking action against some Credit Suisse compliance staff, after the bank indicated it may have breached its money laundering reporting obligations under of the Mozambique affair, according to “Tages-Anzeiger” (in German, behind a paywall).
The fact that the bank only reported its suspicions of money laundering in the Mozambique case after US justice had already brought charges against three Credit Suisse bankers in London, prompted the FDF to take measures, according to the report.
The bank provided the self-incriminating documents to supervisory authority Finma to reduce the potential penalty, she said. The documents, which were actually intended for the surveillance investigation, could now also be used in a criminal investigation, according to the article.
Billion Dollar Scandal
The Mozambique case dates back to 2013, when UK-based Credit Suisse subsidiaries provided loans worth $1 billion to two Mozambican state-owned companies. Part of the funds, supposed to be used to strengthen the country’s coastguard and create a tuna fishing fleet, have been embezzled by corrupt officials.
Last October, the the bank paid approximately $475 million in a settlement with several authorities, due to misappropriation of loans.