UBS has been acquitted by the Appeals Chamber of the Swiss Federal Criminal Court in a high-profile drug money laundering case linked to Credit Suisse, which it acquired in 2023.

The case involved transactions with a Bulgarian drug gang and stemmed from findings by the criminal chamber in 2022 that identified shortcomings at Credit Suisse that allowed a now-deceased employee to facilitate money laundering.

The court's decision to acquit UBS was influenced by the inability to investigate further due to the death of the former client advisor, which would infringe upon the presumption of innocence.

UBS welcomed the ruling, emphasizing that it pertains to events dating back over 16 years related to the former Credit Suisse.

The case may still be subject to an appeal by the Office of the Attorney General of Switzerland, but the ruling effectively closes this legacy matter for the bank.