On December 1, 2025, Switzerland’s Office of the Attorney General (OAG) announced criminal charges against UBS and the former Credit Suisse, marking a significant development in the long-running “tuna bonds” scandal. The charges stem from allegations that Credit Suisse failed to prevent money laundering tied to over $2 billion in loans arranged for Mozambique’s state-owned companies in the mid-2010s.
The scandal, dubbed the “tuna bonds” affair, began in 2013-2014 when Credit Suisse and other banks facilitated loans ostensibly to fund a tuna fishing fleet and maritime security for Mozambique. However, much of the funds were diverted through bribes and kickbacks, plunging the impoverished nation into a debt crisis. Hidden loans totaling around $2 billion led to Mozambique defaulting on repayments, triggering the withdrawal of international aid and exacerbating economic hardship.
Prosecutors allege that in 2016, approximately $7.9 million—suspected to be bribe-related payments from Mozambique’s Finance Ministry—was transferred to accounts of a foreign company held at Credit Suisse in Switzerland. The bank is accused of organizational deficiencies in risk management, compliance, and internal anti-money laundering systems, failing to take “all required and reasonable measures” to prevent the laundering.
A former Credit Suisse compliance officer faces individual money laundering charges for allegedly recommending the termination of the suspicious account relationship without reporting it to authorities, allowing remaining suspect funds to be transferred abroad. Proceedings against another ex-employee were dropped for procedural reasons.
Since UBS acquired Credit Suisse in a government-orchestrated emergency merger in 2023, the Swiss giant inherits these legacy liabilities. The OAG holds UBS criminally responsible as the legal successor under Swiss law, which allows corporate prosecution for failing to prevent crimes like money laundering.
UBS swiftly rejected the allegations, stating: “We firmly reject the Office of the Attorney General’s conclusions and will vigorously defend our position.” The bank argues the events predate the merger and has previously contested the transfer of criminal liability in similar legacy cases.
This case builds on prior resolutions. In 2021, Credit Suisse paid around $475 million to U.S. and UK authorities for related bribery and fraud. In 2023, it settled with Mozambique itself shortly before a London trial. Yet, Swiss domestic proceedings have persisted, highlighting ongoing scrutiny of the banking sector’s anti-money laundering practices.
The indictment underscores broader implications for Switzerland’s financial industry. The 2023 Credit Suisse collapse and forced UBS takeover already raised questions about “too big to fail” risks and regulatory oversight. Now, with UBS managing trillions in assets, prosecutors’ willingness to pursue corporate criminal charges—even against a national champion—signals a tougher stance on financial misconduct.
Legal experts note the case could clarify whether merger successors fully inherit pre-acquisition criminal liabilities, a debated point in Swiss law. Potential penalties include fines up to 5 million Swiss francs ($6.2 million) for the corporate entity, though reputational damage may prove costlier.
As the case heads to Criminal Court, it serves as a reminder of how past scandals can haunt even rescued institutions. UBS, while integrating Credit Suisse operations, must now navigate this legal battle amid efforts to restore stability and trust in Swiss banking.