Lara Warner, former compliance chief of Credit Suisse, was fined 100,000 Swiss francs for not reporting a suspicious transaction linked to a $1.5 billion scandal involving Mozambique. She is contesting this fine in court. Credit Suisse was acquired by UBS in 2023 and settled the Mozambique case out of court.
Switzerland’s finance ministry has imposed a fine of 100,000 Swiss francs (approximately $114,000) on Lara Warner, the former compliance chief of the defunct lender Credit Suisse. This penalty arises from her failure to report a suspicious transaction worth 7.9 million francs from 2016, which involved Mozambique’s finance ministry. The issue is tied to the significant tuna bond scandal that led to a default crisis in Mozambique.
Warner’s tenure at Credit Suisse spanned from 2015 to 2021, during which these events transpired. She is currently contesting the fine and asserts that she believes the charges will be dismissed in court. According to her lawyer, “The decision not to file a money laundering report was not made by Ms. Warner.”
In 2023, Credit Suisse was acquired by UBS in a government-directed acquisition. Subsequently, the bank resolved the Mozambique scandal through an out-of-court settlement, thereby addressing the ramifications of this high-profile case.
In summary, former Credit Suisse executive Lara Warner faces a fine for allegedly failing to report a suspicious transaction linked to Mozambique’s scandal. She disputes the charges and is challenging the fine in court. This incident reflects broader implications following the significant tuna bond debacle and the subsequent acquisition of Credit Suisse by UBS, where the latter settled the matter outside of court.
Original Source: www.tradingview.com
