The Swiss Office of the Attorney General has filed charges against a former Credit Suisse employee and assigned responsibility to the bank itself and its successor UBS for organizational failures that enabled the laundering of Mozambique’s state-backed loans obtained under the so-called “tuna bonds” — totaling over $2 billion.

According to the prosecution, the funds provided by the bank to three state-owned companies in Mozambique were diverted from their declared investment purposes toward bribes, illicit transfers, and cash withdrawals, resulting in a major economic crisis for the country.

UBS, which acquired Credit Suisse in 2023, officially rejects the allegations and states it will take all necessary measures to protect its reputation. Nevertheless, the charges represent one of the largest examples of banking accountability in international corruption and money-laundering schemes.