Swiss court fines Lombard Odier in money laundering case

Lombard Odier & Cie has been recovered blameworthy and ordered to wage SFr3m ($3.7m) aft Swiss judges concluded the slope failed to forestall an Uzbek money-laundering web from operating done its Geneva business.

The Swiss Federal Criminal Court besides gave a erstwhile Lombard Odier narration manager, identified lone arsenic C. nether privateness rules, a two-year suspended situation word for his portion successful the case.

The proceedings person tally for years and had already shifted successful April, erstwhile the lawsuit against Uzbek businesswoman and erstwhile diplomat Gulnara Karimova, described arsenic the alleged organiser, was thrown out.

Switzerland's highest transgression tribunal ended that lawsuit aft ruling that Karimova's detention successful Uzbekistan meant she was improbable to basal proceedings successful Switzerland, making a just proceeding impossible.

Last year, prosecutors brought money-laundering charges against Lombard Odier, saying the slope lacked capable safeguards and that this allowed the concealment of tainted funds linked to "The Office", a operation allegedly created by Karimova.

The tribunal upheld that accusation.

"The slope had grounds suggesting that portion of the assets placed successful the accounts managed by C. originated from acts of corruption," the tribunal said successful its connection connected the judgment.

According to Bloomberg, the judges besides said the bank's compliance relation "did not instrumentality capable measures to guarantee that further enquiries regarding the root and economical intent of these funds were conducted and duly documented".

Under Swiss law, companies tin look transgression liability if they bash not bash capable to halt wealth laundering.

In response, Lombard Odier released a statement, saying it "disagrees" with the ruling and plans to appeal.

"It should beryllium noted that the Office of the Attorney General has ne'er alleged that Lombard Odier knowingly oregon willfully participated successful wealth laundering," the slope said.

"As a reminder, the events nether reappraisal day backmost much than 15 years" and "the underlying lawsuit began aft Lombard Odier proactively reported suspicions to the Swiss authorities successful 2012," it added.

According to prosecutors, C. had anterior links to Karimova and different radical progressive successful "The Office" earlier joining Lombard Odier, done enactment connected to an concern money led by Karimova.

After arriving astatine the slope successful 2008, helium maintained those connections and opened 9 accounts implicit the adjacent 4 years that were meant to person wealth generated by the scheme, the indictment said.

Prosecutors alleged that helium utilized fabricated beneficial owners for the accounts and sought to contiguous 1 ammunition institution from "The Office" arsenic though it were an autarkic operating business.