The Swiss finance ministry has fined Lara Warner, ex-compliance chief of Credit Suisse, 100,000 Swiss francs for failing to report a suspicious transaction linked to the Mozambique “tuna bond” scandal. Warner is contesting the fine, claiming she was not responsible for the omission. Credit Suisse was acquired by UBS in 2023 following the scandal’s fallout.
Switzerland’s finance ministry has imposed a fine of 100,000 Swiss francs (approximately $114,000) on Lara Warner, the former compliance chief of Credit Suisse, as reported by Reuters. This sanction arises from her failure to report a suspicious transaction from 2016 totaling 7.9 million francs, which involved Mozambique’s finance ministry.
The transaction is linked to the significant “tuna bond” scandal, which catalyzed a default crisis in Mozambique, according to the Swiss governmental order. Warner, who served at Credit Suisse from 2015 until its collapse in 2021, is currently contesting the fine, with expectations that the charges will be dismissed in legal proceedings, as stated by her lawyer.
Her attorney indicated, “The decision not to file a money laundering report was not made by Ms. Warner.” Notably, Credit Suisse was acquired by UBS in 2023 in a government-assisted takeover, following which the bank reached an out-of-court settlement regarding the Mozambique case.
In summary, Lara Warner has been fined by Switzerland for failing to report a suspicious transaction linked to the Mozambique financial scandal. Her defense asserts that she was not responsible for the decision not to file, and she is challenging the fine in court. Credit Suisse, formerly led by Warner, was subsequently acquired by UBS amid the fallout from this case.
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