Bangladesh, Dec. 2 -- The long-running saga of Mozambiques catastrophic “tuna bonds” scandal has entered a new and decisive chapter. Swiss prosecutors announced on December 1 that Credit Suisse-now absorbed into UBS Group AG-is being charged for what authorities describe as deep and systemic organizational failures that enabled large-scale money laundering tied to one of Africas most notorious financial frauds. Nearly a decade after the first suspicious loans were issued, the scandal continues to reverberate globally, exposing the devastating consequences of unchecked banking practices and international corruption.

The Office of the Attorney General of Switzerland (OAG) said its investigation uncovered serious compliance brea...