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UK FCA drops criminal probe into Credit Suisse over Mozambique debt scandal


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UK FCA drops criminal probe into Credit Suisse over Mozambique debt scandal

The U.K. Financial Conduct Authority confirmed that it scrapped a criminal probe into Credit Suisse Group AG over its alleged involvement in Mozambique's $2 billion hidden loans scandal, Reuters reported Jan. 15.

The regulator concluded it had no power to prosecute the bank under British anti-bribery law, but is still examining the Swiss lender and individuals involved in the scandal for potential breaches of conduct rules, FCA head Andrew Bailey reportedly told the U.K. Parliament's Treasury Select Committee.

"[O]ur regulatory powers still apply to both the individuals and the firm, and that would be in respect of systems and controls of the firm, and also in respect to fitness and properness in respect to the individuals," Bailey was quoted as saying.

Earlier in January, U.S. prosecutors charged three former Credit Suisse bankers and former Mozambican Finance Minister Manuel Chang with alleged fraud and money laundering in relation to the controversial loans, which pushed the African nation into a debt crisis.