Lombard Odier, a prestigious private bank in Switzerland with roots dating back to 1796, is facing serious allegations of aggravated money laundering. The Office of the Attorney General of Switzerland has filed an indictment against the bank and a former employee at the Federal Criminal Court.
The charges stem from accusations that Lombard Odier and its former employee were involved in concealing the proceeds of a criminal organization led by Gulnara Karimova, the daughter of Uzbekistan’s late authoritarian president, Islam Karimov. Karimova was indicted in 2023 for laundering money obtained through criminal activities in Switzerland between 2005 and 2012.
According to the OAG, investigations have revealed that funds laundered in Switzerland may have been transferred through bank accounts at Lombard Odier in Geneva. The bank and its former relationship manager are alleged to have played a significant role in concealing the illicit proceeds.
Despite the allegations, Lombard Odier has vehemently denied any wrongdoing. In a statement, the bank acknowledged the charges but asserted that they are unfounded and without merit. Lombard Odier intends to vigorously defend itself against the accusations.
The bank emphasized that the case was initiated by its proactive reporting of suspicions to Swiss authorities in 2016. The indictment comes after years of investigation into the bank’s involvement in money laundering activities.
Gregoire Mangeat, who has represented Karimova in her legal battles, has not yet commented on the indictment. Karimova is currently serving a prison sentence in Uzbekistan for her role in the criminal organization.
As the legal proceedings unfold, Lombard Odier remains steadfast in its commitment to upholding the highest ethical standards in banking. The outcome of the case will have significant implications for the reputation and future operations of one of Switzerland’s oldest financial institutions.
