Swiss Bank Fined Amid Karimova Money Laundering Saga

Switzerland's Federal Criminal Court fined Swiss bank Lombard Odier $3.68 million for its involvement in money laundering tied to Gulnara Karimova. The trial, which began in April, dates back two decades. Despite denying allegations, Karimova's proceedings were stayed due to extradition limitations.

Switzerland's Federal Criminal Court has penalized Swiss private bank Lombard Odier with a fine of 3 million Swiss francs, equivalent to $3.68 million. The charge relates to its involvement in a money laundering case connected to Gulnara Karimova, the former Uzbek president's daughter.

Karimova and Lombard Odier faced charges that commenced in April, concerning events stretching back two decades. Allegations against Karimova include accepting bribes and leading a criminal group known as 'The Office', which purportedly funneled hundreds of millions into Swiss accounts between 2005 and 2013.

Geneva-based Lombard Odier, along with a former bank employee, is suspected of facilitating concealment of Karimova's illicit proceeds. Although the bank intends to appeal, asserting its stringent anti-money laundering measures, the court ceased proceedings against the incarcerated Karimova due to extradition challenges and limitation statutes.