Switzerland has fined Lara Warner, former compliance head of Credit Suisse, 100,000 Swiss francs for failing to report a suspicious transaction linked to Mozambique’s finance ministry. The fine pertains to the significant tuna bond scandal impacting Mozambique’s economy. Warner contests the fine, asserting that she was not involved in the decision to omit reporting the transaction, and Credit Suisse has since settled the related case out of court.
Switzerland’s finance ministry has imposed a fine of 100,000 Swiss francs (approximately $114,000) on Lara Warner, the former compliance chief of Credit Suisse, as reported by Reuters. The sanction is related to her failure to alert Switzerland’s anti-money laundering authorities about a suspicious transaction in 2016, amounting to 7.9 million francs, which involved Mozambique’s finance ministry.
This incident is part of the broader $1.5 billion mozzarella bond scandal that led to a financial crisis in Mozambique. Warner, who held her position at Credit Suisse from 2015 until the bank’s collapse, is contesting the fine, with her attorney expressing confidence that the charges will be dismissed in court.
Warner’s counsel emphasized, “The decision not to file a money laundering report was not made by Ms. Warner.” In a notable development, Credit Suisse was acquired in 2023 by its competitor UBS in a transaction facilitated by the government. Following this acquisition, Credit Suisse settled the Mozambique case out of court.
The imposition of the fine on Lara Warner underscores the ongoing ramifications of the Credit Suisse and Mozambique financial scandals. Warner’s assertion of non-involvement in the decision to not report suspicious activities and her challenge of the fine reflect the complexities of legal accountability in financial operations. This case exemplifies regulatory scrutiny in the banking sector, especially following high-profile collapses like that of Credit Suisse.
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