UBS has been acquitted in a significant money laundering case involving Credit Suisse, which it acquired in 2023.

The Swiss Federal Criminal Court's appeals chamber ruled in favor of UBS, addressing allegations related to transactions with a Bulgarian drug gang.

This case marked a pivotal moment as it was the first instance where a Swiss bank faced criminal proceedings for money laundering.

The court's decision follows a previous ruling that identified shortcomings at Credit Suisse, allowing an employee to facilitate money laundering for the criminal organization between 2007 and 2008.

However, due to the employee's death in 2023, further investigation into the bank's alleged violations could not proceed without infringing on her presumption of innocence.

The judgment is not yet final, as the parties involved may appeal to the Federal Supreme Court after the full written reasons are provided.