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UK FCA Bans Former Credit Suisse Bankers for Bribery

UK FCA Bans Former Credit Suisse Bankers for Bribery

by Starling Insights

Starling Insights Editorial Board

Mar 10, 2025

Observations

The UK Financial Conduct Authority (FCA) has banned two former Credit Suisse bankers from the financial sector for "lacking integrity" due to their roles in Mozambique's $2 billion "tuna bonds" corruption scandal, as reported by the Financial Times.

The FCA's decision follows the bankers' 2019 guilty pleas in the US for accepting at least $52 million in bribes linked to fraudulent loans. "There is no place in our markets for those who engage in bribery and corruption," said Steve Smart, Joint Executive Director of Enforcement at the FCA.

The case stemmed from a 2013 deal where Mozambique borrowed from international investors to fund maritime projects. Credit Suisse arranged the loans, some of which were concealed from the IMF. When uncovered in 2016, international donors cut support, plunging Mozambique's economy into crisis. Auditors later found that $500 million was missing from the funds.

Credit Suisse, which was fined £147 million in 2021 for the misconduct, blamed the bankers, alongside one other employee, for bypassing compliance rules. 

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