Switzerland's highest court on Wednesday acquitted Credit Suisse, now part of UBS, of failing to stop money laundering by a Bulgarian cocaine trafficking ring, overturning a 2022 conviction.
The Federal Criminal Court's original decision was seen as a test for bank prosecutions.
A former employee of the bank was found guilty of money laundering, and Credit Suisse was found guilty of failing to take sufficient measures to prevent profits being laundered through the bank between 2004 and 2008.
The former employee died in April 2023. Her heirs and the bank filed an appeal in November of the same year.
The Federal Court of Appeals said in a statement that because the woman died, it was impossible to pursue criminal charges in the case without violating the presumption of innocence.
“The bank is therefore acquitted and the compensation claims imposed are set aside.”
In 2022, Credit Suisse was fined 2 million Swiss francs ($2.3 million).
The court at the time also ordered the confiscation of assets worth more than CHF12 million that the gang had kept in Credit Suisse accounts, and ordered the bank to collect more than CHF19 million, the value of the gang's assets that could not be confiscated. ordered to pay compensation. Due to bank deficiencies.
Credit Suisse went bankrupt in March 2023 following a series of scandals and setbacks, and was taken over by UBS.
UBS welcomed the ruling, noting that the case is a legacy issue relating to Credit Suisse.
“Subject to an appeal by the Swiss Federal Attorney General's Office, this judgment brings this legal issue to a close,” UBS said in a statement.
The attorney general's office said it will analyze the findings and determine appropriate action. (1 dollar = 0.8832 Swiss Franc)
