A pedestrian walks past the entrance to Lombard Odier in Geneva, Switzerland.
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Lombard Odier – one of Switzerland’s oldest private banks – was indicted by Swiss prosecutors on charges of aggravating money laundering.
In a news release on Friday, the Office of the Attorney General of Switzerland, or OAG, said it filed charges against Lombard Odier and a former employee of the bank at the Swiss Federal Criminal Court on Tuesday.
The OAG said the suspects helped conceal the proceeds of a criminal organization founded by Gulnara Karimova – the daughter of Islam Karimov, Uzbekistan’s authoritarian president who died of a stroke in 2016. Karimova was indicted by the Attorney General in 2023 on charges of money laundering resulting from criminal activities in Switzerland between 2005 and 2012.
“Investigations have led the OAG to believe that some of the money laundered in Switzerland may have been transferred to bank accounts at… Lombard Odier in Geneva. The bank and one of its former relationship managers are alleged to have played a decisive role in concealing the proceeds of the criminal activities of ‘The Office’,” the OAG said in its statement.
They have been under investigation since 2016, the prosecutor added.
Lombard Odier, whose origins date back to 1796, denies the accusations.
“We have taken note of the decision of the Office of the Attorney General of Switzerland to sue the Bank for insufficient controls,” the bank said in a statement on Friday.
“This move follows the opening of a formal investigation against the bank that was launched and made public in 2016. For the bank, the allegations are baseless and unfounded. The bank intends to defend itself vigorously.”
The bank said the case was initiated by Lombard Odier’s “proactive reporting of suspicions to the Swiss authorities”.
CNBC has contacted Gregoire Mangeat, who has represented Karimova during her legal battle with Swiss authorities. Karimova is currently serving a prison sentence in Uzbekistan.