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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.
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 by the Federal Criminal Court in a case involving allegations of facilitating money laundering for the Bulgarian mafia, a case inherited from Credit Suisse. This ruling eliminates potential fines and compensation claims totaling around CHF 40 million. In contrast, Credit Suisse was previously found guilty and fined CHF 2 million in 2022 for its role in the matter.
UBS has been acquitted in the Bulgaria case, previously associated with Credit Suisse, after the Appeals Chamber of the Federal Criminal Court overturned the initial guilty verdict. The case involved a former CS employee's ties to the Bulgarian mafia and money laundering, leading to a CHF 2 million fine and asset confiscation. The ruling is not yet legally binding, and the Office of the Attorney General of Switzerland is considering further action.
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.
A Swiss appeals court has acquitted UBS in the criminal money laundering case involving Credit Suisse, which had been convicted in 2022 for failing to prevent the laundering of a cocaine dealer's profits. The ruling followed the death of a former employee linked to the case, complicating the appeals process and leading to concerns over the presumption of innocence.
A Swiss court 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 alleged criminal code violations. UBS, now the parent company, welcomed the decision, noting it pertains to legacy issues from Credit Suisse.
A Swiss court 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 alleged criminal code violations. UBS, now the parent company, welcomed the decision, noting it pertains to legacy issues from Credit Suisse.
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.
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