Swiss court acquits UBS in Bulgarian mafia case

+Get the most important news from Switzerland in your inbox The Federal Criminal Court has acquitted UBS following appeal proceedings in connection with money laundering charges linked to the Bulgarian mafia. The bank inherited this case after the takeover of Credit Suisse. The sentences of two defendants were also reduced. Credit Suisse was found guilty in 2022 for involvement in aggravated money laundering related to a Bulgarian drugs ring. The bank was fined CHF2 million ($2.3 million), with a compensatory claim of CHF19 million. + Attorney General charges Credit Suisse in Bulgarian money-laundering case The court initially found that Credit Suisse did not do enough to prevent members of the crime syndicate from profiting off the trafficking of cocaine to Europe, and failed to comply with anti-money laundering directives. This covered events between July 2007 and December 2008. The Federal Criminal Court has now also reduced the sentences of two defendants on appeal: they ...