Connect with us

Published

on

A top Swiss court on Wednesday acquitted Credit Suisse, now part of UBS, of failing to prevent money laundering by a Bulgarian cocaine trafficking gang, overturning a 2022 conviction.

The Federal Criminal Court’s original ruling was seen as a test case for the prosecution of banks.

It had found an ex-employee of the bank guilty of money-laundering, and Credit Suisse of failing to do enoughtostop thegang from laundering profits through thelender from2004 to 2008.

The former employee died in April 2023; her heirs and the bank filed an appeal that November.

In a statement, the federal court’s appeals chamber said that, because the woman had died, it was not possible to examine the alleged violation of the criminal code without violating the presumption of innocence in her case.

“For this reason, the bank was acquitted and the compensation demand imposed on it was canceled,” it said.

In 2022, Credit Suisse had been fined 2 million Swiss francs ($2.3 million).

The court at the time also ordered the confiscation of assets worth more than 12 million francs that the gang held in Credit Suisse accounts, and told the bank to pay compensation of over 19 million francs — the value of the gang’s assets that could not be confiscated due to deficiencies at the bank.

Credit Suisse collapsed in March 2023 after a series of scandals and setbacks, and was taken over by UBS.

UBS welcomed the ruling, noting that the case was a legacy matter relating to Credit Suisse.

“Subject to an appeal by the Swiss federal attorney general’s office, the verdict brings this legal issue to a close,” UBS said in a statement.

The attorney general’s office said it would analyze the findings and then decide on appropriate action.($1 = 0.8832 Swiss francs)

Continue Reading

World

US military says eight ‘narco-terrorists’ killed in strikes on three boats in Pacific

Published

on

By

US military says eight 'narco-terrorists' killed in strikes on three boats in Pacific

Eight people have been killed in US military strikes on three boats it has accused of smuggling drugs in the Pacific Ocean.

The US military’s Southern Command said the strikes targeted “designated terrorist organisations” killing three “narco-terrorists” in the first vessel, two in the second boat and three in the third.

No evidence the vessels were involved in drug trafficking has been given, but a video showing the strikes on the boats was posted on social media.

Southern Command added that defence secretary Pete Hegseth ordered the strikes, and claimed intelligence confirmed the vessels were using known drug trafficking routes and engaged in drug trafficking.

The US military said it carried out strikes in the Pacific Ocean on three boats it accused of trafficking drugs. Pic: X/@Southcom
Image:
The US military said it carried out strikes in the Pacific Ocean on three boats it accused of trafficking drugs. Pic: X/@Southcom

One of the boats targeted during the strikes. Pic: X/@Southcom
Image:
One of the boats targeted during the strikes. Pic: X/@Southcom

It is unclear where the vessels were from, but the strikes mark the latest in Donald Trump‘s “war” with drug cartels, which has also seen vessels targeted in the Caribbean Sea, including near Venezuela.

Over the past several months, the US has been carrying out a large-scale military build-up in the southern Caribbean, with the stated goal of combating drug trafficking.

In its first lethal strike on 2 September, the White House posted on X that it had conducted a strike against “narcoterrorists” shipping fentanyl to the US, without providing evidence of the alleged crime.

Sky’s Data & Forensics unit last week verified that in the four months up to 10 December, 23 boats were targeted in 22 strikes, killing 87 people.

US forces also seized a crude oil tanker, named Skipper, off the coast of Venezuela last week.

The government in Caracas, led by President Nicolas Maduro, who insists the real purpose of the US military operations is to force him out of office, branded the ship’s seizure a “blatant theft” and an “act of international piracy”.

Read more from Sky News:
Musk is winning the space race – and looks unstoppable
Trump wants $10bn in damages over BBC Panorama edit

On Monday, Mr Trump signed an executive order declaring fentanyl a “weapon of mass destruction”.

The order instructs the State and Treasury departments to pursue the financial assets of and sanctions on financial institutions and groups involved in fentanyl trafficking.

It also calls for greater co-operation between the Pentagon and the Justice Department on fentanyl and drug trafficking issues.

The latest strikes on vessels allegedly trafficking drugs come on the eve of briefings on Capitol Hill for all members of Congress as questions mount over the Trump administration’s military actions.

Mr Hegseth, secretary of state Marco Rubio, and other top national security officials are expected to provide closed-door briefings for politicians in the House and Senate.

Continue Reading

Politics

FCA consults on UK crypto rules for exchanges, lending and DeFi

Published

on

By

FCA consults on UK crypto rules for exchanges, lending and DeFi

The United Kingdom’s Financial Conduct Authority (FCA) launched a series of consultations on proposed rules for digital asset markets, marking the next phase in the government’s effort to establish a comprehensive regulatory framework for crypto assets.

The proposals, published across three consultation papers, cover crypto trading platforms, intermediaries, staking, lending and borrowing, market abuse, disclosures and decentralized finance (DeFi). The FCA said consultation responses will be open until Feb. 12, 2026.

The regulator said the proposals aim to support innovation while ensuring that consumers understand the risks associated with crypto investment. It added that regulations should not eliminate risks entirely, but should ensure that participants operate responsibly and transparently. 

“Our goal is to have a regime that protects consumers, supports innovation and promotes trust,” said David Geale, the FCA’s executive director for payments and digital finance, adding that industry feedback will help shape the final rules.