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In a tragic saga of crime and corruption, Tatiana, a Bulgarian banker, faces the consequences of her involvement in a money laundering scheme linked to a notorious criminal organization. After years of pressure and multiple deaths surrounding the case, she is convicted in 2022 and dies from illness in 2023. The case ultimately falls to UBS, which is acquitted, preserving its reputation and that of the Swiss financial sector, thanks to Tatiana's silent suffering.
UBS shares fell 0.32% to CHF 27.67 following the Federal Criminal Court's acquittal of the bank in a Bulgarian money laundering case. Credit Suisse, originally fined CHF 2 million for failing to monitor ties with the Bulgarian mafia, faces a potential appeal from the Attorney General. The appeals chamber also sentenced two co-defendants, including a confidant of mafia boss Evelin Banev, to prison terms for their roles in the criminal organization.
UBS has been acquitted in a case involving former Credit Suisse's connections to a Bulgarian criminal network linked to cocaine trafficking. The Appeals Chamber reduced sentences for two defendants, while Credit Suisse had previously been fined for deficiencies in monitoring banking relations and anti-money laundering regulations. The ruling is not final and may be appealed to the Federal Court.
The Federal Criminal Court acquitted UBS in a case involving the Bulgarian mafia, while Credit Suisse was found guilty of failing to supervise its relations and comply with anti-money laundering regulations from July 2007 to December 2008. The Swiss Federal Prosecutor's Office is appealing for a maximum fine of CHF 5 million and a compensation claim of CHF 41 million. Among the four convicted, one has died, while two others have appealed their sentences, with one receiving a 29-month prison term and the other a five-month suspended sentence.
UBS has been acquitted in a case linked to the former Credit Suisse's involvement with a Bulgarian criminal network, which included cocaine trafficking. Initially fined two million francs for qualified money laundering, the Appeals Chamber also reduced sentences for two defendants, one of whom was a confidant of a mafia boss. The ruling is not yet final and may be appealed to the Federal Court.
The Federal Criminal Court in Bellinzona acquitted UBS in a money laundering case linked to the Bulgarian mafia, which originated from Credit Suisse's past. Credit Suisse had previously been fined 2 million francs and ordered to pay 19 million in compensation. Two defendants received reduced sentences, with one Bulgarian's term cut from 36 to 29 months and a former Julius Baer employee's from 14 to 5 months with parole.
The Federal Criminal Court has acquitted UBS in the Bulgaria case, previously linked to Credit Suisse, which was fined for failing to combat money laundering involving the Bulgarian mafia. The court reduced sentences for two other defendants, including a confidant of mafia boss Evelin Banev, who received a 29-month prison sentence. The ruling is not yet legally binding and can be appealed to the Federal Supreme Court.
UBS has been acquitted by the Swiss Federal Criminal Court of charges related to laundering money from the Bulgarian Mafia, a case inherited from Credit Suisse. The latter was previously fined CHF 2 million for inadequate supervision and anti-money laundering compliance between July 2007 and December 2008. Two defendants received reduced sentences, while one has since died, and the verdicts remain subject to appeal.
The Swiss Federal Criminal Court has acquitted UBS of money laundering charges linked to the Bulgarian mafia, a case inherited from Credit Suisse. The latter was previously fined 2 million Swiss francs and ordered to pay 19 million in compensation for failing to supervise its relations with the mafia between 2007 and 2008. Two defendants received reduced sentences, while the verdict remains subject to appeal.
The Federal Criminal Court has denied UBS's request to halt proceedings in a money laundering case linked to the Bulgarian mafia, which arose after UBS's acquisition of Credit Suisse. UBS argues that the demise of Credit Suisse should end the case, but the court insists it will proceed, allowing for a financial expert's testimony on due diligence obligations. Previously, Credit Suisse was fined for facilitating money laundering for a cocaine trafficking network.
Evelin Banev
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