MoneyLaundering News & Analysis
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Lombard Odier (LON) Fined SFr3m for Money Laundering Violations
Lombard Odier & Cie has been fined SFr3m ($3.7m) by the Swiss Federal Criminal Court for failing to prevent an Uzbek money-laundering operation. The court determined that the bank lacked adequate safeguards, allowing corrupt assets to flow through its Geneva branches. A former relationship manager received a two-year suspended prison sentence, and Lombard Odier plans to appeal the ruling. This legal issue emerged from issues going back more than fifteen years, with Lombard Odier stating that it reported suspicions to authorities in 2012. This matters for investors as compliance failures can lead to significant financial penalties and reputational damage.
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UBS (UBS) Cleared in Mozambique Tuna-Bond Case by Swiss Court
A Swiss court has removed UBS Group (UBS) from a money-laundering case linked to the Mozambique tuna-bond scandal. The Federal Criminal Court found that UBS could not be held accountable for events predating its acquisition of Credit Suisse in 2023. The ruling aligns with the court's interpretation of the principle of culpability under Swiss law. UBS previously settled with Mozambique for investigations regarding Credit Suisse's earlier involvement, which included a $475 million settlement in 2021. The Attorney-General’s Office of Switzerland has 10 days to appeal this ruling.
Read More: UBS (UBS) Cleared in Mozambique Tuna-Bond Case by Swiss Court