Financial Crime World

Five Arrested in Liechtenstein on Money Laundering Charges

Parliamentarian and Brother of Vice-President Among Those Detained

May 13, 2000 - Vaduz

In an unexpected turn of events, the Liechtenstein police have arrested five individuals on suspicion of money laundering. Among those detained are:

  1. Gabriel Marxer, a parliamentarian
  2. Rudolf Ritter, the brother of the principality’s vice-president, Michael Ritter

Parliamentary Session and Immunity Lift

The unexpected arrests led to an extraordinary parliamentary session on investigating Marxer for allegations of:

  • Investment fraud

Lawmaker Marxer’s immunity was lifted to allow for the investigation. Ritter, a financial official, was taken into custody during a late-night police raid on Thursday, with another suspect apprehended on Saturday morning.

Charges and Investigation

All five individuals are charged with:

  1. Money laundering
  2. Involvement in organized crime
  3. Embezzlement

The high-stakes investigation is expected to delve deep into Liechtenstein’s financial sector.

Swiss Monitoring and History of Strained Relations

Switzerland, a neighboring country and an important banking hub, is closely monitoring this situation. Liechtenstein, a well-known tax haven, has experienced strained relations with its larger neighbor for lack of judicial cooperation, primarily regarding fraud cases:

  1. The Geneva prosecutor, Bernard Bertossa, previously criticized Liechtenstein’s responses
  2. Swiss officials demanded more cooperation

Discussions on Enhancing Collaboration

To address these concerns, a high-level delegation from Liechtenstein met with Swiss government officials in February for discussions on enhancing collaboration in the battle against international crime. The talks followed on the heels of a meeting between Liechtenstein’s Foreign Minister, Joseph Deiss, and Swiss officials:

  1. Focus on proposals for improving judicial cooperation
  2. Reinforcement of measures against money laundering

Results and Reputation

The results of this high-profile investigation could significantly influence Liechtenstein’s reputation as a haven for financial services.