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Switzerland fines former Credit Suisse executive over Mozambique case
3:49 CAT | 19 Mar 2025
FILE - Lara Warner, Group Chief Risk Officer of Credit Suisse, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019. [File photo: Reuters/Mike Blake]
Switzerland’s finance ministry has fined Lara Warner, former compliance chief of collapsed lender Credit Suisse, 100,000 Swiss francs ($114,000), according to a Swiss government order seen by Reuters on Wednesday.
The bank executive failed to notify Switzerland’s anti-money laundering authorities of a suspicious 2016 transaction for 7.9 million francs handled by Credit Suisse and involving the finance ministry of Mozambique.
The case related to the $1.5 billion-plus “tuna bond” scandal that triggered a default crisis in Mozambique, the order said.
Warner, who worked at Credit Suisse between 2015 and 2021, is challenging the fine and assumed the charges would be dismissed in court, her lawyer told Reuters.
“The decision not to file a money laundering report was not made by Ms. Warner,” her lawyer said in a statement.
Credit Suisse was bought in 2023 by rival UBS in a government-engineered takeover.
The bank subsequently settled the Mozambique case out of court.
($1 = 0.8774 Swiss francs)
Source: Reuters
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