Credit Suisse Acquitted: A Turn in the Money Laundering Case

A Swiss court has acquitted Credit Suisse, now part of UBS, from a money laundering conviction involving a Bulgarian cocaine trafficking gang, reversing a 2022 decision. The ruling noted that since a key ex-employee had died, examining the case further would violate legal principles.

A Swiss court has decided to overturn the previous conviction of Credit Suisse regarding its failure to prevent money laundering by a Bulgarian cocaine trafficking operation. Credit Suisse, now merged with UBS, had initially been found guilty in 2022, making the case a significant test for bank prosecutions.

The Federal Criminal Court had charged Credit Suisse with inadequate measures to prevent the laundering of criminal profits from 2004 to 2008. The bank and the estate of a deceased former employee, initially implicated, appealed against the conviction.

The court ruled that it could not uphold the allegations due to the death of the former employee, respecting the presumption of innocence. This decision cancels previous compensations and fines levied against Credit Suisse. Upon review, UBS termed this ruling as closure on a legacy issue from Credit Suisse's past.