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ZURICH (Reuters) -A prime Swiss court docket on Wednesday acquitted Credit score Suisse of a 2022 prison conviction when the financial institution that’s now a part of UBS was discovered responsible of failing to stop cash laundering by a Bulgarian cocaine trafficking gang.
In June 2022, the Federal Felony Court docket discovered a former worker of Credit score Suisse responsible of money-laundering, which included testimony on murders and money stuffed into suitcases in what was seen as a check case for the prosecution of banks.
Judges had checked out whether or not Credit score Suisse and the feminine ex-employee did sufficient to stop the cocaine trafficking gang from laundering earnings by means of the financial institution from 2004 to 2008.
The previous worker died in April 2023 and her heirs and the financial institution filed an attraction in opposition to the conviction that November.
In a press release, the appeals chamber of the Federal Felony Court docket stated that given the girl’s demise, it was not potential to look at the alleged violation of the Swiss prison code with out violating the presumption of innocence in her case.
“For that reason, the financial institution was acquitted and the compensation demand imposed on it was cancelled,” it stated.
Credit score Suisse collapsed in March 2023 after a sequence of scandals and setbacks, and was taken over by UBS.
UBS welcomed the ruling, noting that the case was a legacy matter regarding Credit score Suisse.
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