Swiss Court Drops Money-Laundering Charges Against UBS in Mozambique ‘Tuna Bonds’ Scandal

It has been reported (Zurich, April 14, 2026)  –

• A Swiss federal court has dismissed criminal money-laundering charges against UBS Group AG related to its acquired subsidiary Credit Suisse’s involvement in the notorious “Tuna Bonds” scandal, which saw banks and shipbuilders allegedly bribe Mozambican officials to secure billions of dollars in secretly guaranteed government loans.

Switzerland’s Federal Criminal Court ruled on April 8, 2026, that UBS cannot be held criminally liable for alleged organisational failures at Credit Suisse.

• The court determined that Credit Suisse, which ceased to exist as a separate legal entity after its 2023 emergency merger with UBS, no longer possesses a legal personality capable of bearing criminal responsibility.
• As a result, the case against the bank — inherited by UBS — was thrown out entirely.
• The decision brings to a close one chapter in a decade-long international corruption probe that plunged Mozambique into a severe debt crisis.
• However, the court explicitly stated that criminal proceedings against a former Credit Suisse compliance officer — charged alongside the banks in December 2025 — will continue.
• Prosecutors allege the individual knew that so-called “running fees” paid into Credit Suisse accounts were potentially linked to bribes but failed to file a suspicious activity report with Swiss authorities. Instead, the officer recommended terminating the client relationship and allowing the remaining suspect funds to be transferred abroad, according to the indictment.

Background: The Tuna Bonds Scandal

• Between 2013 and 2016, Credit Suisse and Russian bank VTB arranged approximately $2 billion in loans and bonds for three Mozambican state-owned companies.
• The funds were ostensibly intended for a tuna fishing fleet, maritime security vessels and other coastal projects, largely contracted to Abu Dhabi-based shipbuilder Privinvest (owned by Lebanese businessman Iskandar Safa).
• Prosecutors worldwide allege that more than $200 million in bribes and kickbacks were paid to Mozambican officials — including then-Finance Minister Manuel Chang — and that some Credit Suisse bankers received illicit commissions. The loans were hidden from Mozambique’s parliament and international lenders, triggering a debt crisis when the guarantees came to light in 2016.
• Mozambique’s economy was devastated, with the scandal contributing to a sovereign debt default and years of austerity.

Current Status of Investigations and Charges

While the Swiss case against UBS and the legacy Credit Suisse entity is now closed, several other strands of the multi-jurisdictional probe remain active or have reached recent conclusions:

• Switzerland:
• The lone remaining criminal case is against the unnamed former Credit Suisse compliance officer (aggravated money laundering).
• Proceedings against a second ex-employee were dropped earlier for procedural reasons.
• Separately, former Credit Suisse risk and compliance head Lara Warner was fined CHF 100,000 by Swiss authorities in March 2025 for failing to report a suspicious transaction; she has appealed that administrative penalty.
• United States:
• The U.S. Department of Justice secured multiple convictions.
• Former Mozambican Finance Minister Manuel Chang was convicted in August 2024 of conspiracy to commit wire fraud and money laundering. On January 17, 2025, he was sentenced to 8½ years in prison (102 months) and ordered to forfeit $7 million. He has already spent nearly six years in custody (in South Africa and the U.S.) and is expected to be deported to Mozambique after serving the remainder.
• Three former Credit Suisse bankers pleaded guilty to related money-laundering charges years earlier. Privinvest executive Jean Boustani was acquitted in a 2019 U.S. trial.
• United Kingdom:
• The Financial Conduct Authority (FCA) has banned several former Credit Suisse employees involved in the deals, most recently Detelina Subeva in May 2025.
• Credit Suisse paid significant fines as part of the 2021 global settlement.
• Mozambique:
• In 2019, authorities charged 18–20 individuals — including former officials, security service members and business people — with abuse of office, embezzlement and money laundering.
• Trial outcomes have been slow; some political figures linked to the scandal (including relatives of former President Armando Guebuza) remain under scrutiny.
• Mozambique also secured a major civil judgment against Privinvest in UK courts (approximately $825 million plus indemnity), though appeals continue.
• Civil and Regulatory Resolutions:
• Credit Suisse (pre-merger) paid roughly $475 million in coordinated fines to U.S., UK and Swiss regulators in 2021 and pleaded guilty to wire fraud.
• UBS reached a separate out-of-court settlement with Mozambique in 2023.
• Arbitration proceedings involving Privinvest and Mozambique continue in Switzerland.

Conclusion

• The Swiss court’s ruling provides UBS with legal clarity on one of the final legacy criminal exposures from the Credit Suisse acquisition. The bank has consistently maintained that it has cooperated fully with authorities and strengthened anti-money-laundering controls since the takeover.
• The Tuna Bonds affair remains one of the largest corruption scandals in African history, highlighting vulnerabilities in sovereign lending, due diligence by global banks, and the challenges of holding powerful institutions and officials accountable across borders.
• As the remaining Swiss case against the former compliance officer proceeds, it will test whether individual bankers can be held responsible when institutional oversight allegedly failed.

Recent Swiss Court Ruling (April 2026) – UBS Case Dismissed

• https://www.swissinfo.ch/eng/ubs-wins-dismissal-of-credit-suisse-money-laundering-charges-tied-to-mozambique-tuna-bond-scandal/91236532
• https://www.bloomberg.com/news/articles/2026-04-10/ubs-wins-dismissal-of-credit-suisse-money-laundering-charges-in-mozambique-case
• https://finance.yahoo.com/markets/stocks/articles/swiss-court-drops-ubs-mozambique-114036472.html
• https://globalinvestigationsreview.com/article/switzerland-discontinues-tuna-bonds-linked-case-against-ubs
• https://www.swissinfo.ch/eng/various/ubs-shakes-off-tuna-bond-money-laundering-liability/91236670
• https://news.bloomberglaw.com/banking-law/ubs-wins-dismissal-of-credit-suisse-money-laundering-charges

Charges Filed Against UBS/Credit Suisse (December 2025)

• https://www.theguardian.com/business/2025/dec/01/swiss-charges-credit-suisse-ubs-tuna-bonds-mozambique
• https://www.reuters.com/business/finance/swiss-federal-prosecutor-files-charges-against-credit-suisse-ubs-2025-12-01/

Former Credit Suisse Compliance Officer & Individual Cases

• https://www.reuters.com/business/finance/switzerland-fines-former-credit-suisse-executive-over-mozambique-case-2025-03-19/ (Lara Warner fine)
• https://www.complianceweek.com/regulatory-enforcement/former-credit-suisse-compliance-officer-charged-with-money-laundering/36380.article

Manuel Chang Sentencing & US Case (2024–2025)

• https://www.reuters.com/world/mozambique-ex-finance-minister-sentenced-us-8-12-years-prison-over-tuna-bonds-2025-01-17/
• https://www.justice.gov/usao-edny/pr/former-finance-minister-mozambique-sentenced-102-months-imprisonment-his-role-2
• https://en.wikipedia.org/wiki/Tuna_bonds (good overview with references)

Additional Useful Background Sources

• https://www.mlex.com/articles/2464084/credit-suisse-escapes-swiss-tuna-bonds-prosecution-following-ubs-merger
• https://lgwmlaw.com/swiss-prosecutors-charge-ubs-over-legacy-credit-suisse-money-laundering-in-mozambique-tuna-bonds-scandal/

These links cover the Swiss court decision, the continuation of the case against the former compliance officer, Lara Warner’s fine, Manuel Chang’s conviction and sentencing, and the broader scandal context. Most recent articles (April 2026) are from Bloomberg, swissinfo.ch, Reuters, and Global Investigations Review.