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Credit Suisse faces civil action by lobby group against corruption

A criminal complaint was reportedly filed against Credit Suisse over a number of loans linked to Mozambique.

As reported, during several years, Mozambique officials used the countries credit lines to receive loans from financial institutions, driving the country to its current place as the world’s most indebted country.

The investigations over such loans prompted the arrests of bank’s officials in the USA and the UK for their violations of bribery and anti-corruption rules and regulations.

Following the complaint, the Suisse supervisory authorities must decide whether or not criminal proceeds will follow.

As noted by Reuters: “The maritime transactions, or so called tuna bonds, refer to a fleet of sea vessels bought by Mozambique using loans arranged by international banks for a self sustaining fishing program that never materialized. The cash came in the form of a government-backed bond to state tuna-fishing company Ematum.”

Source

https://www.reuters.com/article/us-mozambqiue-creidtsuisse/swiss-group-files-criminal-complaint-against-credit-suisse-over-mozambique-loans-idUSKCN1S5174

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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