A prime Swiss courtroom on Wednesday acquitted Credit score Suisse, now a part of UBS, of failing to forestall cash laundering by a Bulgarian cocaine trafficking gang, overturning a 2022 conviction.
The Federal Legal Courtroom’s unique ruling was seen as a check case for the prosecution of banks.
It had discovered an ex-employee of the financial institution responsible of money-laundering, and Credit score Suisse of failing to do sufficient to cease the gang from laundering earnings by the lender from 2004 to 2008.
The previous worker died in April 2023; her heirs and the financial institution filed an enchantment that November.
In a press release, the federal courtroom’s appeals chamber mentioned that, as a result of the lady had died, it was not attainable to look at the alleged violation of the felony code with out violating the presumption of innocence in her case.
“For this reason, the bank was acquitted and the compensation demand imposed on it was canceled,” it mentioned.
In 2022, Credit score Suisse had been fined 2 million Swiss francs ($2.3 million).
The courtroom on the time additionally ordered the confiscation of belongings price greater than 12 million francs that the gang held in Credit score Suisse accounts, and advised the financial institution to pay compensation of over 19 million francs — the worth of the gang’s belongings that might not be confiscated on account of deficiencies on the financial institution.
Credit score Suisse collapsed in March 2023 after a collection of scandals and setbacks, and was taken over by UBS.
UBS welcomed the ruling, noting that the case was a legacy matter referring to Credit score Suisse.
“Subject to an appeal by the Swiss federal attorney general’s office, the verdict brings this legal issue to a close,” UBS mentioned in a press release.
The legal professional normal’s workplace mentioned it might analyze the findings after which resolve on acceptable motion. ($1 = 0.8832 Swiss francs)
