UBS, Credit Suisse Indicted in Swiss Money Laundering Case Related to Mozambique Loans

MT Newswires Live12-01

UBS (UBS) faces claims that it and its Credit Suisse unit failed to stop suspected money laundering tied to loans to Mozambican state-owned companies, Switzerland's federal prosecutor said Monday.

The Swiss Office of the Attorney General has indicted a former Credit Suisse employee for money laundering and alleges that Credit Suisse, its parent and successor groups, UBS SA and UBS Group AG, had organizational gaps that allowed the offense, the prosecutor said.

The case centers on Credit Suisse ending a client relationship and allowing funds believed to be criminal proceeds to be transferred abroad without filing a suspicious activity report with the Money Laundering Reporting Office Switzerland, the OAG said.

Criminal proceedings against a second former Credit Suisse employee were dropped, the office added.

UBS and Credit Suisse did not immediately respond to MT Newswires' request for comment.

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