Full Breakdown
Swiss Court Dismisses Money-Laundering Trial of Gulnara Karimova While Lombard Odier Case Continues
4/29/2026, 4:00:47 AM
Dismissal of the Karimova Case
The Swiss Federal Criminal Court in Bellinzona dismissed the money-laundering trial against Gulnara Karimova on 28 April 2026, citing a “persistent impediment” that prevents her from attending the proceedings while she remains detained in Uzbekistan. The case against Lombard Odier continues.
Background, Context, and Timeline
Karimova, daughter of former President Islam Karimov, allegedly led a criminal network called “The Office” that moved hundreds of millions of dollars through Swiss accounts from 2005 to 2013. Swiss prosecutors first indicted her in 2023; Lombard Odier reported suspicious activity in 2012 and was later charged in 2024. Karimova was transferred to a women’s penal colony in Uzbekistan’s Zangiota region in early 2025, and the Swiss trial opened on 27 April 2026.
Data & Statistics
Swiss authorities seized assets, cash, jewelry and other valuables worth about $985 million, describing the flow as “hundreds of millions of dollars” funneled through Swiss accounts during the 2005-2013 period. The seized items were stored in safe-deposit boxes linked to “The Office.”
Impact & Significance
The dismissal underscores challenges in prosecuting foreign defendants who cannot attend due to detention, raising questions about the reach of Swiss anti-money-laundering enforcement and the reliance on international cooperation. It also pressures Swiss banks to tighten internal controls to avoid similar allegations.
Official Statements, Responses, and Opposition
The court labeled Karimova’s inability to appear a “persistent impediment” that blocks a verdict before the statute of limitations expires. Lombard Odier said it reported the suspicious transactions in 2012 and that the prosecutor’s claims concern only “organizational shortcomings,” not intentional wrongdoing. Defense lawyers argue the trial violates Karimova’s basic right to a defense, calling the dismissal an “acquittal under Swiss law.”
Conflicting Reports & Gaps
Swiss prosecutors allege Lombard Odier’s internal controls were insufficient, yet the bank insists the prosecutor does not claim it “knowingly or willingly” facilitated money laundering. The court has not disclosed specific evidence linking the bank’s staff to the transfers, and details about the full membership of “The Office” remain undisclosed.
Verbatim Quotes
- “We will seek the full and complete acquittal of Gulnara Karimova,” — Grégoire Mangeat, defense lawyer
- “’” Lombard Odier, in an email, said the prosecutor doesn’t allege that the bank knowingly or intentionally engaged in money laundering, “but rather raises claims relating to alleged organizational shortcomings in prevention measures, which the bank firmly contests and will defend in court.” — Lombard Odier, email statement
- “amounts to an acquittal under Swiss law,” — Fanny Margairaz, defense lawyer
- “After almost 15 years of investigation, this decision illustrates the fundamental challenges of the current proceedings, against all defendants,” — Lombard Odier, statement
What’s Next
The Federal Criminal Court will continue hearing the Lombard Odier case, with a verdict anticipated in the months after the trial’s scheduled conclusion in May 2026. International observers will monitor the outcome as a test of Swiss AML enforcement when a key defendant cannot be present.
