Justice Federal Criminal Court acquits UBS in Bulgaria case

The Appeals Chamber of the Federal Criminal Court has acquitted UBS in the Bulgaria case taken over from Credit Suisse. It has reduced the sentences of two other defendants. This is the result of the dispositive published on Wednesday.

The original defendant, Credit-Suisse, was sentenced in the first instance at the end of June 2022 to a fine of two million Swiss francs and to pay a compensation claim of 19 million Swiss francs for deficient organization of the company in connection with the criminal offence of qualified money laundering.

The Criminal Chamber found that the financial institution had failed to monitor banking relationships with the Bulgarian mafia and to comply with anti-money laundering regulations in the period from July 2007 to December 2008.

The two other defendants were sentenced to a partial prison term of 29 months and a conditional prison term of five months. They are a former banker and the confidant of the mafia boss.

SDA