Swiss court acquits UBS subsidiary Credit Suisse of money laundering charges

In a remarkable ruling, a Swiss federal court acquitted the former Credit Suisse, now integrated into UBS, of a criminal conviction from 2022. Credit Suisse had originally been accused of failing to prevent money laundering activities by a Bulgarian cocaine smuggling ring. The appeals chamber of the Federal Criminal Court announced that UBS was cleared of the accusation under Article 102, Paragraph 2 of the Criminal Code. Additionally, the compensation claim against the bank was abolished, a significant legal success for the financial institution. After a series of scandals and setbacks, Credit Suisse collapsed in 2023 and was subsequently taken over by UBS.