Swiss prosecutors announced on December 1, 2025 that an indictment was filed on November 25, 2025 against a former Credit Suisse employee who was employed by UBS at the time of the alleged wrongdoing. The indictment accuses the individual of facilitating money‑laundering related to loans that Credit Suisse arranged for Mozambique’s state‑owned companies between 2013 and 2016, a scheme that has become known as the “tuna bonds” scandal.
The Office of the Attorney General alleges that a UBS compliance officer approved the transfer of $7 million to the United Arab Emirates in 2016 after a $7.8 million payment from Mozambique’s Ministry of Economy and Finance had been deposited into a Credit Suisse account. The case centers on the failure of UBS’s internal controls to detect and report suspicious transactions linked to the $2 billion-plus loan portfolio that financed Mozambique’s maritime and tuna‑fishing projects.
UBS acquired Credit Suisse in 2023, inheriting the legacy of the tuna‑bond controversy. In October 2023, UBS settled with Mozambique over Credit Suisse’s role in the scandal, but the new indictment represents a fresh regulatory action that could expose the bank to additional legal costs and reputational damage. Swiss prosecutors have already charged both UBS and Credit Suisse for money‑laundering failures, and this filing adds a new layer of scrutiny to the bank’s compliance framework.
UBS has publicly rejected the allegations, stating, “We firmly reject the Office of the Attorney General’s conclusions and will vigorously defend our position.” The statement underscores the bank’s intent to contest the charges while signaling to investors that it views the indictment as unfounded.
The indictment heightens regulatory scrutiny of UBS’s compliance controls and could lead to further investigations, potential fines, and reputational harm. While the bank’s settlement with Mozambique in 2023 mitigated some exposure, the new charges may affect stakeholder confidence and could influence future regulatory oversight and investor sentiment.
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