UBS has been acquitted in a criminal money laundering case involving Credit Suisse.

The ruling by a Swiss appeals court overturns Credit Suisse's previous conviction for failing to prevent the laundering of profits linked to a cocaine dealer.

The acquittal comes after the death of a former Credit Suisse employee, known as A., who had been convicted in the case.

A. passed away in April 2023 after a prolonged illness, which complicated the appeals process.

The Swiss Appeals Court stated that due to A.'s death, it was impossible to examine the bank's alleged breach without infringing on the presumption of innocence for the deceased.

This marks a significant development in the ongoing legal proceedings surrounding the bank.