Credit Suisse cleared of money laundering due to employee's death
- In 2022, Credit Suisse was convicted for failing to prevent money laundering linked to a cocaine trafficking gang.
- The conviction relied on evidence concerning an ex-employee who passed away in April 2023.
- The Swiss Federal Criminal Court acquitted Credit Suisse, stating the former employee's death affected the judicial process.
In Switzerland, a top court overturned a previous conviction against Credit Suisse regarding failure to prevent money laundering from 2004 to 2008. The bank was implicated in laundering activities tied to a Bulgarian cocaine trafficking gang, with an ex-employee found guilty and fined. In 2022, the court ruled Credit Suisse must pay significant fines for its role, leading to a heated debate on accountability in banking. However, the situation changed after the former employee died in April 2023, leading to an appeal filed by her heirs and the bank in November of that year. The federal court highlighted that her death prohibited them from examining the criminal code violations without jeopardizing the presumption of innocence, thus resulting in the bank's acquittal. The ruling concluded a significant legal issue for Credit Suisse, which had suffered numerous scandals and ultimately collapsed in March 2023, transitioning to UBS ownership. UBS welcomed the acquittal, emphasizing that it related to Credit Suisse's past issues, while the Swiss federal attorney general's office indicated it would review the decision for potential appeals.