UBS Wins Dismissal of Credit Suisse Money-Laundering Charges

UBS Group AG won dismissal of a money-laundering case it inherited from its troubled former rival Credit Suisse linked to the so-called Mozambique tuna-bond scandal.

Switzerland’s Federal Criminal Court ruled on April 8 that UBS couldn’t be held liable for alleged wrongdoing in the affair, which dates back years before its government-brokered takeover of Credit Suisse in 2023.

“Transferring criminal liability to UBS, coupled with its conviction and the payment of a fine as a criminal penalty, would violate the principle of culpability” and run contrary to both the Swiss constitution and European Convention on Human Rights, the court ...