Switzerland fined Lara Warner, former compliance chief of Credit Suisse, 100,000 Swiss francs for failing to report a suspicious transaction linked to Mozambique’s finance ministry, part of the larger tuna bond scandal. Warner is contesting the fine, asserting she was not responsible for the decision not to report. Credit Suisse was taken over by UBS in 2023, which later settled the Mozambique case out of court.
The finance ministry of Switzerland 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 action stems from Warner’s failure to report a suspicious transaction dating back to 2016, where 7.9 million francs were involved and linked to the finance ministry of Mozambique.
This incident is part of a larger scandal related to the infamous “tuna bond” scheme, which resulted in a financial crisis in Mozambique amounting to over $1.5 billion. Warner, who served at Credit Suisse from 2015 to 2021, is contesting the fine, with her legal representative expressing confidence that the charges will be dismissed.
Her lawyer asserted, “The decision not to file a money laundering report was not made by Ms. Warner,” emphasizing her non-involvement in the matter. Following the controversy, Credit Suisse was acquired by UBS in 2023 in a government-coordinated takeover. Moreover, the bank has reached a settlement regarding the Mozambique case outside of court.
The fine imposed on Lara Warner illustrates the ongoing scrutiny of banking executives in relation to compliance failures. Warner’s defense emphasizes that the decision to not report was not hers, raising questions about accountability in corporate governance. This case highlights the broader implications of the tuna bond scandal in Mozambique and reflects the regulatory challenges faced by financial institutions.
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