Swiss court shelves case against UBS over Credit Suisse actions in Mozambique

Switzerland’s Criminal Court said ​on Friday it had discontinued proceedings ‌against UBS over a case tied to suspected money laundering in Mozambique relating to Credit Suisse, ​which the Swiss bank acquired in ​2023. The court said it had reached its ⁠decision on the grounds that Credit Suisse, ​whose actions were in question, ceased to ​exist as a criminal-law entity as a result of the state-engineered merger with its rival UBS three ​years ago. Swiss federal prosecutors in December had accused ​Credit Suisse of failing to prevent money laundering in ‌Mozambique, ⁠where loans granted to the African country’s tuna fishing fleet triggered an economic crisis there a decade ago.

Prosecutors argued that Credit Suisse and ​its legal ​successor UBS ⁠were liable over the failings. “We ​welcome the court’s recognition that UBS ​cannot ⁠be held liable in this matter, as such liability cannot be transferred to a ⁠legal ​successor through a merger,” UBS ​said.