UBS has been acquitted of involvement in a money laundering case previously related to Credit Suisse. The Swiss Appeals Court overturned Credit Suisse’s 2022 conviction for failing to prevent money laundering associated with a cocaine dealer due to the death of a key former banker involved in the case. The court ruled that it could not assess the matter without compromising the deceased’s presumption of innocence, leading to the cancellation of a 19 million Swiss franc penalty against Credit Suisse. UBS expressed its approval of the acquittal, which relates to a historic issue from its 2023 acquisition of Credit Suisse.
