The former head of risk and compliance at Credit Suisse has been fined CHF100,000 for not timely reporting suspected money laundering related to the Mozambique scandal, which involved misallocated funds from loans intended for state-owned companies. Credit Suisse has faced significant penalties totaling around half a billion dollars in this case.
The Swiss Federal Department of Finance has imposed a fine of CHF100,000 (approximately $114,000) upon the former head of risk and compliance at Credit Suisse. This penalty stems from their failure to promptly disclose suspicions of money laundering related to the Mozambique financing scandal.
The official report indicates that the individual was aware of concerning developments yet neglected to report them to the Money Laundering Reporting Office in Switzerland (MROS). This incident is part of a broader issue involving loans amounting to $2 billion aimed at enhancing Mozambique’s coastguard and establishing a tuna fishing fleet.
Regrettably, a substantial portion of these funds was misappropriated. Credit Suisse has already incurred total fines nearing half a billion U.S. dollars as part of settlements with U.S. judicial authorities. In response to the allegations, the attorney representing the former manager has categorically denied the charges.
In summary, a former Credit Suisse official has been fined for failing to report potential money laundering activities related to a significant financial scandal involving Mozambique. Despite the legal ramifications, the individual’s lawyer maintains their innocence in the matter. This case highlights ongoing issues surrounding oversight and compliance within international banking transactions.
Original Source: www.swissinfo.ch
