Swiss Prosecutor Revives CS Bulgarian Laundering Case
The Swiss federal prosecutor is reviving Credit Suisse’s money laundering case involving a Bulgarian drug trafficking gang via an appeal.
After requesting to overturn Credit Suisse’s acquittal by the Federal Criminal Court in November for the bank’s role in the money laundering case of a Bulgarian cocaine trafficking gang, Switzerland’s federal prosecutor has now appealed against the decision. According to a «Reuters» report, the federal attorney general's office has filed an appeal with the Swiss Supreme Court in March. No further details were provided on the timeline.
Though initially found guilty of failing to do enough to stop the laundering of the gang’s profits from 2004 to 2008, Credit Suisse was later acquitted due to insufficient proof of intent.
In a litigation note within its first quarter earnings report, UBS, which absorbed Credit Suisse in a 2023 government-brokered takeover, outlined the case, adding that it has also «appealed limited to the issue whether a successor entity by merger can be criminally liable for acts of the predecessor entity».
