The request for a stay of proceedings in a money laundering case linked to the Bulgarian mafia, which arose following UBS's acquisition of Credit Suisse, has been denied by the Federal Criminal Court.

Chief Judge Andrea Ermotti stated that the court did not accept the arguments put forth by UBS's legal team, who sought to halt the case until a decision was made by the Federal Supreme Court regarding its dismissal.

UBS argues that the dissolution of Credit Suisse should be considered equivalent to the legal death of an individual, thereby rendering the case null and void. However, the Court of Appeals in Bellinzona has ruled that the proceedings will continue for the time being, reserving the right to suspend the ruling based on future comments from Mon Repos.

The court has agreed to hear from a financial expert regarding the banks' obligations to conduct due diligence when dealing with funds suspected of being linked to illicit activities.

In a previous ruling from June 2022, Credit Suisse was fined 2 million francs and ordered to pay 19 million in compensation for its involvement in facilitating money laundering for Evelin Banev's criminal network, which was responsible for importing significant quantities of cocaine into Europe.