UBS Charged in Switzerland Over Credit Suisse ‘Tuna Bonds’ Scandal

Switzerland’s attorney general filed criminal charges against UBS UBS -0.31%decrease; red down pointing triangle and a former Credit Suisse compliance officer, saying they failed to take steps to prevent money laundering in what later became known as the Mozambique “tuna bonds” scandal.

The charges are the latest in a saga that started around 2013, when Credit Suisse arranged $2 billion in debt deals for state-owned companies in Mozambique to buy tuna-fishing vessels and other equipment.