Swiss court drops UBS from Mozambique tuna-bond money-laundering case

A Swiss tribunal has removed UBS Group from a money-laundering lawsuit tied to the Mozambique tuna-bond scandal, a substance the slope inherited done its 2023 takeover of Credit Suisse.

Switzerland’s Federal Criminal Court said UBS could not beryllium held liable for alleged misconduct connected to events that took spot agelong earlier the exigency takeover of Credit Suisse.

“Transferring transgression liability to UBS, coupled with its condemnation and the outgo of a good arsenic a transgression penalty, would interruption the rule of culpability” and tally contrary to some the Swiss constitution and European Convention connected Human Rights, the tribunal said.

UBS said that it welcomes “the court’s recognition” that it “cannot beryllium held liable successful this matter, arsenic specified liability cannot beryllium transferred to a ineligible successor done a merger.”

In October 2023, UBS entered a abstracted colony with Mozambique concerning Credit Suisse’s engagement successful the affair.

That woody ended proceedings successful London that had started astir 10 years earlier, erstwhile Credit Suisse helped money a coastal patrol task and a tuna sportfishing fleet for Mozambique.

In 2021, Credit Suisse agreed to wage astir $475m to settee respective investigations successful antithetic jurisdictions implicit its relation successful the scandal.

Mozambique had accused the Swiss slope of overlooking informing signs and corruption involving its ain bankers successful transactions linked to astir $2bn successful enslaved deals.

Swiss prosecutors nevertheless pursued different case, which led to a December indictment against the bank.

It was accused of failing to halt suspected wealth laundering involving work fees related to the loans.

However, proceedings against a erstwhile Credit Suisse compliance officer, who was besides charged successful December, volition continue, the tribunal said.

Prosecutors said the idiosyncratic knew that alleged “running fees” transferred from Mozambique into Credit Suisse accounts mightiness beryllium connected to apt bribes.

Instead of submitting a suspicious enactment study to the Money Laundering Reporting Office of Switzerland, the idiosyncratic ended the concern relationship, according to prosecutors.

Credit Suisse did not record a study until 2019, aft the US Department of Justice said it had opened transgression proceedings related to the scandal.

The Attorney-General’s Office of Switzerland has 10 days to situation the ruling by the national transgression court.

"Swiss tribunal drops UBS from Mozambique tuna-bond money-laundering case" was primitively created and published by Private Banker International, a GlobalData owned brand.

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