"We are glad to put this incident behind us and concentrate on the games ahead."
Arsenal had called the initial decision by Uefa "deeply flawed".
And the decision to charge and then ban Eduardo provoked a strong response from Gunners manager Arsene Wenger who claimed any action against the Croatian would set a dangerous precedent with tens of similar incidents every week in European football.
A Uefa statement on Monday said: "Following examination of all the evidence, notably the declarations of both the referee and the referees' assessor, as well as the various video footage, it was not established to our satisfaction that the referee had been deceived in taking his decision on the penalty."
Eduardo ban decision surprises McDonald
Diving has been the subject of much debate since the Eduardo incident with Wayne Rooney also coming under the spotlight following two penalty decisions that went in his favour, first playing for Manchester United against Arsenal and then for England in the friendly against Slovenia.
Celtic winger Aiden McGeady was also sent off after he was shown a second yellow card for an alleged dive in Celtic's 1-0 win over Hibernian which occurred only days after the Eduardo furore.
Arsenal begin their Champions League group stage campaign with a trip to the Maurice Dufrasne Stadium to face Standard on Wednesday and then play at home against Olympiakos on 29 September.
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