A former Credit Suisse manager has been fined CHF100,000 for failing to report money laundering suspicions related to the Mozambique financing scandal, which involved $2 billion in loans. The scandal has resulted in substantial fines for Credit Suisse, totaling almost half a billion US dollars.

The Swiss Federal Department of Finance has imposed a fine of CHF100,000 (approximately $114,000) on the former head of risk and compliance at Credit Suisse. This penalty is a result of the individual’s failure to promptly report suspicions of money laundering associated with the Mozambique financing scandal.

The case revolves around loans amounting to $2 billion provided to state-owned enterprises in Mozambique, aimed at enhancing coastal security and establishing a tuna fishing fleet. However, substantial funds were misappropriated in the process. Credit Suisse has since faced fines nearing half a billion US dollars from US authorities due to this scandal. The former executive’s lawyer has contested these accusations, declaring them unfounded.

In summary, the former Credit Suisse manager has been fined for negligence concerning the reporting of money laundering suspicions linked to the Mozambique scandal, which involved substantial misallocation of funds intended for state projects. This incident underlines the importance of timely reporting in compliance within financial institutions, as well as the severe implications of regulatory violations.

Original Source: www.swissinfo.ch