Lombard Odier, a Swiss wealth manager, has been charged with money laundering.
- One of Switzerland's oldest private banks, Lombard Odier, has been charged by Swiss prosecutors with "aggravated money laundering."
- On Tuesday, the Office of the Attorney General of Switzerland filed an indictment against Lombard Odier and a former employee of the bank at Switzerland's Federal Criminal Court.
- Gulnara Karimova's daughter, Islam Karimov, is accused of setting up a criminal organization and allegedly helped conceal its proceeds.
One of Switzerland's oldest private banks, Lombard Odier, was charged by Swiss prosecutors with "aggravated money laundering."
On Tuesday, the Office of the Attorney General of Switzerland (OAG) filed an indictment against Lombard Odier and a former employee of the bank at Switzerland's Federal Criminal Court.
The accused was accused of aiding in the concealment of proceeds from a criminal organization established by Gulnara Karimova, the daughter of the late authoritarian president of Uzbekistan, Islam Karimov, according to the OAG. Karimova was indicted in 2023 on charges of laundering money obtained through criminal activities in Switzerland between 2005 and 2012.
The OAG believes that some of the money laundered in Switzerland may have been transferred through bank accounts at Lombard Odier in Geneva. The bank and one of its former relationship managers are accused of concealing the proceeds of criminal activities of 'The Office,' as stated by the OAG.
They have been under investigation since 2016, the prosecutors added.
Lombard Odier, founded in 1796, denies the allegations.
The Bank has stated that it is aware of the decision made by the Office of the Attorney General of Switzerland to charge the bank with inadequate controls.
"The bank, which faced allegations without merit in a formal investigation initiated in 2016, plans to defend itself vigorously."
Lombard Odier reported suspicions to the Swiss authorities, leading to the initiation of the case.
Karimova's legal representative, Gregoire Mangeat, has been contacted by CNBC.
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