A top Swiss judicial authority on Wednesday acquitted Credit Suisse, since acquired by UBS, in the case of money laundering by Bulgarian cocaine traffickers, thus overturning a 2022 conviction.

The initial decision of the Federal Criminal Court, which was the first criminal conviction of a major Swiss bank, convicted a former bank employee of money laundering and Credit Suisse of not doing enough to prevent a network of drug traffickers from laundering its profits between 2004 and 2008.

The heirs of this former employee, who died in April 2023, and Credit Suisse appealed in November.

The appeals court explained in a statement that it was not possible to examine the alleged violation of the criminal code without undermining the presumption of innocence of the former employee due to her death.

"For this reason, the bank was acquitted and the compensation claim imposed on it was cancelled,” the appeals chamber said.

In 2022, Credit Suisse was fined 2 million Swiss francs (2.15 million euros).

At the time, the court also ordered the confiscation of assets worth over 12 million francs that the traffickers held in Credit Suisse accounts, asking the bank to pay compensation in excess of 19 million francs, equivalent to the value of the traffickers' assets that could not be confiscated in reason for the shortcomings of the bank.