Finance
Swiss prosecutor appeals UBS acquittal in Credit Suisse money laundering case
Published by Global Banking & Finance Review®
Posted on May 9, 2025
1 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 9, 2025
1 min readLast updated: January 23, 2026
Swiss prosecutor appeals Credit Suisse's acquittal in a money laundering case, involving UBS and a Bulgarian cocaine gang.
(Reuters) -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 bank was acquitted by the Federal Criminal Court in November.
The federal attorney general's office in January requested a nullification of the acquittal and in March lodged an appeal with the Swiss Supreme Court, the prosecutor said on Friday, declining 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 own appeal, focusing on whether a successor entity by merger can be criminally liable for acts of its predecessor.
($1 = 0.8318 Swiss francs)
(Reporting by Ariane Luthi; Editing by Susan Fenton)
The main topic is the Swiss prosecutor's appeal against Credit Suisse's acquittal in a money laundering case involving UBS.
How does the appeal affect UBS? It raises legal challenges regarding the liability of successor entities.
What was Credit Suisse initially found guilty of? Failing to prevent money laundering from 2004 to 2008.
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