A former Credit Suisse employee has been indicted in Switzerland on charges of money laundering related too the bank’s involvement in the $2 billion “Mozambique debt scandal.” the case, stemming from loans disbursed in 2013, alleges a failure to adequately prevent criminal financial activity and highlights ongoing scrutiny of international lending practices. Prosecutors announced the indictment November 25,2025,citing organizational shortcomings within the bank as a contributing factor to the alleged offenses.
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- A Credit Suisse employee has been indicted in connection with loan disbursements to Mozambican state-owned enterprises totaling over $2 billion.
- Credit Suisse and its successor company, UBS, are accused of failing to prevent the criminal activity.
- Prosecutors have cited organizational deficiencies as a contributing factor.
- A UBS spokesperson stated: “We firmly reject the conclusions of the public prosecutor’s office and will vigorously defend our position.”
The Credit Suisse Group’s loan disbursements, made in 2013 to three Mozambican state-owned companies, became known in 2016 as the “Mozambique debt scandal.” The case has drawn international scrutiny and highlighted risks associated with lending to developing nations.
Funds Allegedly Obtained Through Criminal Activity
The indictment centers on a business relationship between Credit Suisse and a foreign company purportedly engaged in corporate consulting and asset management, and allegedly involved in the “Mozambique debt scandal.”
In the spring of 2016, approximately $7.86 million was transferred from Mozambique’s Ministry of Economy and Finance to accounts held by the company at Credit Suisse in Switzerland.
The funds received by Credit Suisse from Mozambique were allegedly derived from a so-called “running fee” agreed upon between the account holder and Mozambican state-owned enterprises, guaranteed by the state, and paid out for alleged services related to the aforementioned loan transactions.
REUTERS/Denis Balibouse/File
According to the indictment, the funds originating from Mozambique – the “running fee” – were obtained or facilitated through criminal acts in Mozambique, specifically corruption in the form of bribery of Mozambican officials and breach of trust in Mozambique.
Employee Key in Initial Review
Shortly after the credit was received, the account holder transferred $7 million of the funds to accounts in the United Arab Emirates. This movement prompted Credit Suisse to initiate an investigation into the business relationship, according to prosecutors. The indicted compliance employee was reportedly instrumental in conducting this review.
Despite allegedly having numerous indications of a potentially criminal origin of the funds received from Mozambique, the compliance employee is accused of recommending to Credit Suisse’s management and the Credit Suisse Group that a report not be filed with the Swiss Money Laundering Reporting Office (MROS), and instead, the business relationship be terminated.
As part of the termination process, in the fall of 2016, the remaining funds originally stemming from alleged criminal activity in Mozambique – approximately $609,000 and 28,000 Swiss francs – were transferred to accounts abroad.
Prosecutors allege that, through the recommendation to terminate the business relationship and the negligent conduct of the money laundering investigation, the employee caused or allowed the remaining funds of suspected criminal origin to be transferred abroad and thus laundered.
Credit Suisse did not file a money laundering suspicion report with MROS until 2019, after the U.S. Department of Justice (DOJ) publicized a criminal proceeding related to the Mozambique loan transactions.
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