The Swiss Federal Criminal Court has acquitted UBS in a case of money laundering from a Bulgarian criminal group, BGNES reported.
The bank inherited this case after its takeover of Credit Suisse a few months ago, which collapsed in March 2023 after a series of scandals and setbacks.
In 2022, a Credit Suisse employee was found guilty of participating in aggravated money laundering linked to a Bulgarian drug ring. The former employee had ties to Evelyn Banev - Brendo and other associates. However, the woman died in April 2023.
The fine initially imposed was CHF 2 million ($2.3 million), confiscation of assets worth more than CHF 12 million and a compensation claim of CHF 19 million.
The court found that Credit Suisse had not done enough to prevent members of the criminal organisation from profiting from the trafficking of cocaine to Europe and had failed to comply with anti-money laundering directives between 2004 and 2008.
The Court's original decision was seen as unprecedented in a criminal prosecution.
The Federal Court today explained that as the woman (a former employee) had died, it was not possible to consider the alleged breach of the criminal code without breaching the presumption of innocence in her case.
"For this reason, the bank was acquitted and the compensation imposed on her was cancelled," the statement quoted by the Swiss press said.
UBS, for its part, welcomed the decision, noting that the case was a legacy issue related to Credit Suisse.
The attorney general's office said it would analyse the findings and then decide on appropriate action. | BGNES
