A pedestrian is seen passing by the entrance of Lombard Odier, a historic Swiss private bank located in Geneva, Switzerland. Recently, Swiss prosecutors indicted Lombard Odier for “aggravated money laundering,” highlighting serious legal challenges for this venerable institution. The Office of the Attorney General of Switzerland (OAG) announced on Friday that it has filed an indictment against both the bank and one of its former employees in the Swiss Federal Criminal Court.
This case is linked to Gulnara Karimova, daughter of the late Uzbek president Islam Karimov, who died in 2016. Karimova had already faced charges in 2023 for allegedly laundering money in Switzerland stemming from criminal proceedings between 2005 and 2012. According to the OAG, investigations revealed that funds from Karimova’s criminal operations may have been concealed within bank accounts at Lombard Odier in Geneva. The bank and a former relationship manager are accused of playing significant roles in hiding these illicit funds.
The Swiss authorities have been investigating this matter since 2016. In response to the indictment, Lombard Odier has vehemently denied the accusations. The bank issued a statement acknowledging the decision by the Attorney General to press charges due to “insufficient controls,” but labeled the allegations as unfounded and lack merit. Lombard Odier emphasized its intention to “defend itself vigorously,” clarifying that the investigation stemmed from their own proactive disclosures to Swiss authorities.
Meanwhile, CNBC has reached out to Gregoire Mangeat, who has been representing Karimova in her legal tribulations with Swiss prosecutors. Notably, Karimova is currently serving a prison sentence in Uzbekistan. This development places Lombard Odier, whose legacy dates back to 1796, under a scrutinous spotlight in the world of private banking.
Original Story https://www.cnbc.com/2024/11/29/swiss-wealth-manager-lombard-odier-indicted-for-money-laundering.html
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