A Swiss court fined the private bank Lombard Odier 3 million Swiss francs for violating anti-money laundering regulations in a case involving the assets of Gulnara Karimova, the daughter of Uzbekistan's first president, Islam Karimov, Reuters reported.
The court also ordered the confiscation of assets worth over 400 million francs. The criminal case against Karimova was dropped due to the expiration of procedural deadlines and the lack of prospects for her transfer to Switzerland before the statute of limitations expired.
Prosecutors previously accused her of accepting bribes and leading the "Office" criminal network, which allegedly transferred hundreds of millions of dollars into Swiss accounts. A former bank employee received a suspended sentence of 24 months.
Analytical Commentary
The Swiss court's decision demonstrates continued international pressure on financial institutions that may have been used to conceal corrupt proceeds. Despite the dismissal of the case against Gulnara Karimova, the trial confirmed that a significant portion of financial transactions involving her assets remains subject to legal review.
The fine imposed on Lombard Odier and the confiscation of hundreds of millions of francs demonstrate that banks are responsible not only for direct involvement in illegal schemes but also for inadequate monitoring of the origins of clients' funds.
For Uzbekistan, this process is important in the context of asset recovery and strengthening international trust in anti-corruption reforms.
The return of funds related to the Karimova case, including the previously announced $43.5 million for healthcare, is part of a broader effort to demonstrate the transparency and accountability of state institutions.
CentralasianLIGHT.org
July 28, 2026