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A Swiss court has acquitted Credit Suisse of money laundering charges linked to a Bulgarian cocaine trafficking gang, overturning a 2022 conviction. The ruling cited the death of a former employee, which hindered the examination of the case without violating her presumption of innocence. UBS, now the parent company of Credit Suisse, welcomed the decision, while the Swiss attorney general's office is reviewing the findings for potential further action.
UBS has been acquitted by the Federal Criminal Court of charges related to money laundering, stemming from its emergency merger with Credit Suisse. The court ruled that prosecuting UBS would violate the presumption of innocence for a deceased former CS employee. However, the Office of the Attorney General of Switzerland may still appeal the decision.
UBS has selected Clearstream to manage fund distribution support for its former Credit Suisse business, utilizing the Clearstream Fund Centre platform. This partnership aims to streamline processes, reduce costs, and enhance contract management, reflecting Clearstream's growing market confidence and expertise in fund distribution services. Philippe Seyll, CEO of Clearstream Fund Centre, emphasized the commitment to client-centric excellence and mutual success in this collaboration.
UBS has been acquitted in a case involving Bulgarian mafia money laundering, as the client advisor implicated has passed away. In contrast, Credit Suisse was found guilty in June 2022, receiving a fine of two million francs and ordered to pay 19 million francs in compensation for inadequate organizational measures related to the crime.
UBS has been acquitted in the Bulgarian cocaine trial after the death of a former employee involved in the case, leading to the cancellation of a compensatory claim against the bank. Credit Suisse, which was convicted in 2022 for money laundering linked to a cocaine network, faced significant scandals before its acquisition by UBS in 2023. The court ruled that proceeding with the case would violate the deceased's presumption of innocence.
A Swiss court acquitted Credit Suisse of money laundering charges linked to Bulgarian cocaine traffickers, overturning a 2022 conviction. The court cited the presumption of innocence for a deceased former employee, leading to the annulment of a 2 million franc fine and compensation claims against the bank. UBS, which acquired Credit Suisse in March 2023, welcomed the ruling, though the Swiss federal authorities may still appeal.
UBS has been acquitted in the Bulgarian cocaine trial after the death of a former employee involved in the case. The Swiss Federal Supreme Court ruled that proceeding with the case would violate the presumption of innocence for the deceased, following Credit Suisse's earlier conviction and fines related to money laundering. The bank's troubles were exacerbated by scandals leading to its emergency takeover by UBS in March 2023.
A Swiss court acquitted Credit Suisse of money laundering charges linked to Bulgarian cocaine traffickers, overturning a 2022 conviction that marked the first criminal ruling against a major Swiss bank. The court cited the presumption of innocence for a deceased former employee involved in the case. UBS, which acquired Credit Suisse in March 2023, welcomed the decision, although the Swiss federal authorities may still appeal.
Financial analysts are increasingly pessimistic about the Swiss economy, with the UBS and CFA Society Switzerland's economic outlook index dropping to -12.4 points in November, marking its lowest level since January. Only 18.8% of respondents expect improvement in the next six months, while 31.2% foresee worsening conditions. Inflation expectations are mixed, with 25% anticipating a rise, and 80% predicting short-term interest rate declines.
UBS has been acquitted by the Swiss Federal Criminal Court in a case involving money laundering linked to a Bulgarian drug gang and transactions with Credit Suisse, which was acquired in 2023. The court cited the inability to investigate further due to the death of a former employee, thus upholding the presumption of innocence. The decision, which may be appealed by the Attorney General, effectively closes this long-standing case.
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