Swiss prosecutors have indicted Lombard Odier, one of the country’s oldest private banks, on charges of aggravated money laundering. The charges stem from allegations that the bank helped conceal the proceeds of a criminal organization set up by Gulnara Karimova, the daughter of Uzbekistan’s authoritarian president Islam Karimov, who died in 2016.
Prosecutors accused Lombard Odier and a former employee of the bank of failing to conduct sufficient controls and allowing a portion of the laundered money to be transferred to bank accounts at the institution in Geneva. The indictment alleges that part of the money laundered in Switzerland between 2005 and 2012 was concealed by the bank and a former relationship manager.
The bank, whose origins date back to 1796, denies the allegations, stating that they are “unfounded and without merit.” They plan to defend themselves vigorously and cited their “proactive reporting of suspicions” to Swiss authorities as reason for the case.
This is not the first legal battle the bank has faced. Since 2016, the bank has been under investigation by Swiss authorities.