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Friday, 16 June, 2000, 12:56 GMT 13:56 UK
Liechtenstein prince's bank raided
![]() Prince Hans-Adam II's brother is the bank's president
By Europe business correspondent Patrick Bartlett Police in Liechtenstein announced on Friday they had raided the offices of a bank owned by the principality's ruling family, as part of an investigation into money-laundering. Police in the capital Vaduz said a group of 20 officers from Liechtenstein and neighbouring Austria conducted a search of the LGT bank on Thursday. They seized documents and electronic data related to accounts held at the bank. The raid follows a six month investigation into money-laundering which has shocked the small Alpine community ruled by Prince Hans-Adam II. His brother Prince Philip is president of the LGT bank's administrative council. Money-laundering suspicions Police said they wanted to establish whether any bank staff were aware of illegal transactions.
It is believed they may have used the bank for money-laundering deals amounting to tens of millions of Swiss francs. One of the men in custody is a leading Liechtenstein politician. The investigation was launched after the leaking of a German secret service report, linking trust fund administrators to dirty money from Colombian drugs cartels. Led by Austrian prosecutor Kurt Spitz, investigators are also examining claims of money-laundering for the Russian mafia. The allegations have caused consternation in the tightly-knit principality, which is one of the world's leading off-shore banking centres. The government in Liechtenstein is concerned the scandal could harm the principality's reputation as a financial centre, following earlier criticism of lax banking supervision. |
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