Credit Suisse, now part of UBS, has been acquitted by a top Swiss court of failing to prevent money laundering associated with a Bulgarian cocaine trafficking gang.

The court overturned a previous conviction from 2022, where a former employee was found guilty and the bank was held responsible for not adequately stopping the laundering of profits between 2004 and 2008.

The ruling was appealed by the employee's heirs and the bank following her death in April 2023. The appeals chamber stated that the bank's acquittal and the cancellation of the compensation demand were due to the inability to examine the alleged criminal code violation without infringing on the presumption of innocence.

In 2022, Credit Suisse was fined 2 million Swiss francs and ordered to confiscate over 12 million francs in assets held by the gang. Additionally, a compensation payment exceeding 19 million francs was imposed for assets that could not be seized due to the bank's deficiencies.

UBS welcomed the ruling, highlighting that it pertains to a legacy issue of Credit Suisse. The Swiss federal attorney general's office is currently reviewing the findings for potential further action.