According to this, a Ukrainian oligarch, for example, was able to use a small bank to make opaque payments until 2019, despite Liechtenstein’s “white money” strategy.
According to the report, the small bank had already taken over a foundation from the Ukrainian Kostyantyn Schevago in 2013. The financial institution then set up accounts for 16 companies connected to the billionaire. According to Deloitte, the bank knew from the start that Schewago wanted to “avoid” transparency. Something like that harbors a “high potential for abuse”.
According to the information, the auditors judged that the bank’s actions were insufficient. There were financial flows that, according to Deloitte, give rise to suspicion of money laundering. According to the “Spiegel” report, the bank reported to the financial supervisory authority in 2019 that it was ending all relations with Schewago, but carried out eleven more transactions.
The bank is now in liquidation after intervention by the FMA, writes the “Spiegel”. The FMA rejected a supervisory failure. “Liechtenstein does not tolerate money laundering, the fight against it works,” a spokesman told the magazine.
