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. + Get the most important news from Switzerland in your inbox 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 ...
