Switzerland’s federal prosecutor has filed charges against the failed bank Credit Suisse and its new owner, UBS, over the long-running “tuna bonds” loan scandal that crashed Mozambique’s economy nearly a decade ago.

The Swiss attorney general said on Monday that it had brought money-laundering charges against an unnamed employee of Credit Suisse, but was also taking action against the lender and its rival-turned-owner UBS .

The attorney general’s office accused the banks of “organisational deficiencies” that ultimately failed to prevent wrongdoing and meant the suspicious transactions were not reported until 2019, after the US Department of Justice announced it was launching its own criminal proceedings. ‘The City can’t be taken for granted’: how banks won over Rachel Reeves Rea

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