The Swiss prosecutor appeals a money laundering acquittal against the defunct Credit Suisse bank.   

Reuters has reported that the Swiss federal prosecutor has appealed against a court decision to acquit collapsed lender Credit Suisse, now part of UBS, in a money laundering case of a Bulgarian cocaine trafficking gang, reviving the legal issue for the bank.

In a ruling seen as a test case for the prosecution of banks, Credit Suisse was initially found guilty of failing to do enough to stop the laundering of profits through the lender from 2004 to 2008.

The Criminal Court acquitted the bank in November 2024.

• The Federal Criminal Court's original ruling was seen as a test case for prosecuting banks. It had found an ex-employee of the bank guilty of money laundering and Credit Suisse guilty of failing to do enough to stop the gang from laundering profits through the lender from 2004 to 2008.
• The former employee died in April 2023; her heirs and the bank filed an appeal that November.
• In a statement, the federal court's appeals chamber said that, because the woman had died, it was not possible to examine the alleged violation of the criminal code without violating the presumption of innocence in her case.
• "For this reason, the bank was acquitted and the compensation demand imposed on it was cancelled," it said.
• In 2022, Credit Suisse was fined 2 million Swiss francs ($2.3 million).
• The court at the time also ordered the confiscation of assets worth more than 12 million francs that the gang held in Credit Suisse accounts, and told the bank to pay compensation of over 19 million francs - the value of the gang's assets that could not be confiscated due to deficiencies at the bank.
• https://www.reuters.com/business/finance/credit-suisse-acquitted-2022-conviction-over-cocaine-cash-laundering-case-2024-11-27/

In January 2025,

• The federal attorney general's office requested a nullification of the acquittal and

March/May 2025

• The prosecutor said on Friday, May 9^th, it had appealed to the Swiss Supreme Court in March, although it declined to provide further information on the timeline ahead.

UBS referred to the litigation note in its first-quarter report when contacted for comment by Reuters.

• The note mentions the prosecutor's appeal and
• Says the bank has lodged its appeal, focusing on whether a successor entity by merger can be criminally liable for acts of its predecessor.

Source

https://www.reuters.com/sustainability/swiss-prosecutor-appeals-ubs-acquittal-credit-suisse-money-laundering-case-2025-05-09/