Lun. Dic 23rd, 2024

Swiss prosecutors have indicted private bank Lombard Odier and one of its former employees for “aggravated money laundering”, in a rare charge of such magnitude against one of Switzerland’s biggest and oldest wealth managers. The bank and the ex-employee are suspected of playing a key role in enabling the concealment of the proceeds of a criminal enterprise allegedly set up by Gulnara Karimova, daughter of the late president of Uzbekistan, Islam Karimov. This indictment is the latest in a series of setbacks for Switzerland’s financial sector, which has been under increasing scrutiny in recent years. The case against Lombard Odier is particularly significant as it is one of the country’s oldest and most prestigious private banks, with a long history dating back to 1796.

The charges against Lombard Odier and its former employee stem from an investigation that began in 2012, after the bank itself reported suspicions to Swiss authorities. The bank has denied any wrongdoing and stated that it has fully cooperated with authorities throughout the investigation. However, the Swiss Attorney General’s Office (OAG) alleges that the bank failed to comply with anti-money laundering standards and its own internal guidelines in opening and managing nine bank accounts under suspicion.

The case against Lombard Odier comes just days after Credit Suisse, which is now a part of UBS, was acquitted of failing to prevent money laundering by a Bulgarian cocaine trafficking gang. This acquittal overturned a 2022 conviction and highlights the challenges faced by Swiss banks in maintaining their reputation for banking secrecy while also complying with international regulations.

The indictment of Lombard Odier is a significant blow to the bank’s reputation, even if it does not result in a conviction. It is also a reminder of the changing landscape for Swiss banks, as they face increasing pressure to crack down on money laundering and other financial crimes. This case could have wider implications for the country’s financial sector, as it may lead to further scrutiny and potential sanctions from regulators. Overall, this indictment highlights the ongoing challenges faced by Swiss banks in balancing their traditional role as a haven for wealthy clients with the need to comply with international regulations and combat financial crime. 

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