A conviction against Credit Suisse for failing to prevent cocaine-related money laundering by gangs has been overturned in a Swiss court.
Switzerland's Federal Criminal Court acquitted Credit Suisse, now part of UBS, of failing to prevent money laundering by a Bulgarian cocaine trafficking gang, acceding to a «Reuters» report citing legal proceedings.
The conviction was delivered in 2022 with a fine of 2 million Swiss francs ($2.3 million). It found a former Credit Suisse employee guilty of money laundering and the bank failing to take sufficient measures from 2004 to 2008. At the time, the court also ordered the confiscation of 12 million francs in gang-related assets and compensation of 19 million francs for other assets that could not be confiscated due to deficiencies at the bank.
Presumption of Innocence
After the death of the ex-employee in April 2023, her heirs and the bank filed an appeal in November that year. Due to the death, the Swiss court said it was not possible to examine the alleged violation of the criminal code without violating the presumption of innocence.
«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, noting that this was a legacy matter relating to Credit Suisse.
