Money laundering: Liechtenstein: a haven for criminals

The Principality of Liechtenstein is apparently a haven not only for tax evaders but also for all kinds of criminals. A Spanish newspaper reports on money from drug deals and corruption that has flowed into the country.

According to a press report, at least four major drug and fraud gangs dismantled in Spain used Liechtenstein banks for money laundering. The criminals established foundations that opened bank accounts in the principality, reports the Madrid newspaper "El País." Colombian drug cartels have also hidden large amounts of money from the authorities in this way. The gangs, dismantled in recent years, used Liechtenstein bank accounts to pay for ships transporting cocaine from Colombia to Spain.

The principality announced that it is particularly rigorously combating the misuse of its financial center. Justice Minister Klaus Tschütscher said in a statement in response to Spanish media reports that money laundering is a global phenomenon.

Funds from Spanish corruption scandal

El País further reports that funds from the major fraud and corruption scandal in Marbella, southern Spain, also flowed into the principality. Two years ago, the entire city administration of the upscale seaside resort was deposed and dozens of politicians were arrested in the wake of the affair. The damage caused by bribery and embezzlement in connection with the awarding of building permits is estimated at several billion euros.

In the Liechtenstein tax affair, tax authorities in Madrid are currently following up on tips from Germany regarding suspected tax evaders in Spain. The number of suspects and the amounts involved are not yet known. (ut/dpa)