Dubious million-dollar transfers in Fürstenbank

This is unlikely to please His Highness. During a search of the bank of Prince Hans-Adam II of Liechtenstein, police apparently discovered evidence of shady financial transfers amounting to millions.

Vaduz – Investigators seized files and data storage devices relating to a total of 18 foundations, confirmed Hans-Martin Uehlinger, spokesman for Bank Liechtenstein Global Trust (LGT) on Friday. The accounts have been frozen. LGT belongs to the family foundation of Prince Hans-Adam. It is managed by his brother, Prince Philipp.

The suspicious foundations were set up by trustees who are already under investigation in Liechtenstein for money laundering. They are registered in the names of several domestic and foreign companies. The Liechtenstein police do not yet know who commissioned the multi-million dollar transfers. They say they have "strong suspicion" that money laundering was carried out through these companies.

So far, there is no evidence that any of the bank's approximately 600 employees were involved in money laundering, police said. However, preliminary investigations are underway against some employees.

According to applicable law, the bank relies on the trustees to verify the integrity of their clients, Uehlinger said. The duty of care lies with the trustees, not the bank. Trustees can open accounts for their clients in Liechtenstein without informing the bank of their identity. The release of files is "a completely normal procedure," but usually based on a written request, not a search warrant, Uehlinger said.