UK watchdog says has downgraded probe into Credit Suisse over Mozambique loans
16 Jan 2019

Britain’s financial watchdog has dropped a criminal probe into Credit Suisse related to an alleged fraud in Mozambique, but is still checking the bank and individuals for any breaches of conduct rules, the watchdog said on Tuesday.

In 2016, the Financial Conduct Authority (FCA) launched an investigation into the Swiss bank’s activities in Mozambique, where around $2 billion of loans to state-owned companies pushed the country into a debt crisis.

Appearing before British lawmakers on Tuesday, FCA chief executive Andrew Bailey confirmed a newspaper report that the watchdog had downgraded its investigation in August, saying it had no power to prosecute under Britain’s anti-bribery law.

Link to Reuters.

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