Swiss court clears UBS but convicts two in Bulgarian money laundering case
Switzerland's Federal Criminal Court has delivered its verdict in a high-profile money laundering case linked to Bulgaria. The ruling saw UBS acquitted, while a Bulgarian national and a former asset manager from another Swiss bank faced convictions.
The case began with investigations into Credit Suisse's involvement in suspected money laundering. However, the Appeals Chamber later halted proceedings against a former Credit Suisse employee who had died during the trial.
A Bulgarian national was found guilty of participating in a criminal organization and serious money laundering. Meanwhile, a former asset manager from a different Swiss bank received a partial conviction for aiding a criminal group.
UBS, which had also been under scrutiny, was cleared of all charges by the court. No official statements from Bulgarian authorities regarding the verdicts have been recorded in public sources.
The court's decision brings an end to a long-running case tied to Bulgarian money laundering allegations. UBS walks away without penalties, while two individuals—one Bulgarian and one Swiss asset manager—now face legal consequences for their roles.
