UBS has been acquitted by the Swiss Federal Criminal Court's Appeals Chamber in a high-profile case involving money laundering connected to a Bulgarian drug gang.

The case originated from transactions conducted by Credit Suisse, which UBS acquired in 2023. In 2022, deficiencies at Credit Suisse were identified, allowing a now-deceased employee to facilitate money laundering for the criminal organization.

However, the court ruled that further investigation into the bank's alleged legal violations would infringe upon the deceased's presumption of innocence, resulting in UBS's acquittal. UBS welcomed the court's decision, emphasizing that the case, which dates back over 16 years, pertains to the former Credit Suisse. The outcome may still be subject to an appeal by the Office of the Attorney General of Switzerland, but for now, this legacy case appears to be resolved.