A top Swiss court on Wednesday acquitted Credit Suisse, now part of UBS, of failing to prevent money laundering by a Bulgarian cocaine trafficking gang, overturning a 2022 conviction.
The Federal Criminal Court’s original ruling was seen as a test case for the prosecution of banks.
It had found an ex-employee of the bank guilty of money-laundering, and Credit Suisse of failing to do enough to stop the gang from laundering profits through the lender from 2004 to 2008.
The former employee died in April 2023; her heirs and the bank filed an appeal that November.
In a statement, the federal court’s appeals chamber said that, because the woman had died, it was not possible to examine the alleged violation of the criminal code without violating the presumption of innocence in her case.
“For this reason, the bank was acquitted and the compensation demand imposed on it was canceled,” it said.
In 2022, Credit Suisse had been fined 2 million Swiss francs ($2.3 million).
The court at the time also ordered the confiscation of assets worth more than 12 million francs that the gang held in Credit Suisse accounts, and told the bank to pay compensation of over 19 million francs — the value of the gang’s assets that could not be confiscated due to deficiencies at the bank.
Credit Suisse collapsed in March 2023 after a series of scandals and setbacks, and was taken over by UBS.
UBS welcomed the ruling, noting that the case was a legacy matter relating to Credit Suisse.
“Subject to an appeal by the Swiss federal attorney general’s office, the verdict brings this legal issue to a close,” UBS said in a statement.
The attorney general’s office said it would analyze the findings and then decide on appropriate action. ($1 = 0.8832 Swiss francs)
Credit: Source link
