Switzerland’s Federal Department of Finance is investigating Credit Suisse employees in relation to the Mozambique affair, «Tages-Anzeiger» reports.
The Federal Department of Finance (FDF) is taking action against certain Credit Suisse compliance staff, after the bank indicated that it had possibly breached its money laundering reporting obligations in relation to the Mozambique affair, according to «Tages-Anzeiger» (in German, behind paywall).
The fact that the bank only reported its suspicion of money laundering in the Mozambique case after the U.S. judiciary had already brought charges against three Credit Suisse bankers in London, prompted the FDF to take action, the report said.
Self-incriminating Documents
The bank provided the self-incriminating documents to the supervisory authority Finma as a way of reducing the potential penalty, it said. The documents, which were actually intended for the supervisory investigation, could now also be used in a criminal investigation, the article said.
Billion-dollar Scandal
The Mozambique case goes back to 2013 when UK-based Credit Suisse subsidiaries granted loans worth $1 billion to two Mozambican state-owned companies. Some of the funds, which were supposed to be used to strengthen the country's coast guard and create a tuna fishing fleet, were diverted by corrupt officials.
Last October the bank paid around $475 million in a settlement with several authorities, due to the misappropriation of loans.
