Former Credit Suisse manager fined CHF100K over Mozambique affair
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Former Credit Suisse manager fined CHF100K over Mozambique affair
The Swiss Federal Department of Finance has fined the former head of risk and compliance at Credit Suisse CHF100,000 ($114,000) for failing to report in a timely matter suspicion of money laundering in connection with the Mozambique financing scandal.
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The accused was aware of the suspicious facts and nevertheless did not make any effort to submit a report to the Money Laundering Reporting Office in Switzerland (MROS), writes the foreign ministry in the penal order, which is available to the Keystone-SDA news agency. SRF Investigativ and the Tamedia newspapers reported on this on Wednesday.
The Mozambique case involves loans to Mozambican state-owned companies totalling $2 billion. This was intended to strengthen the coastguard and build a tuna fishing fleet.
+ Credit Suisse fines in Mozambique scandal to go to compensation fund
However, hundreds of millions were diverted instead. Credit Suisse accepted fines totalling around half a billion US dollars before the US judiciary. The former Credit Suisse manager’s lawyer denied the allegations.
Translated from German by DeepL/jdp
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