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Swiss Expert Criticizes Austria’s Role in International Money Laundering

Politics ♦ Published: May 26, 2011; 17:06 ♦ (Vindobona)

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OECD expert: “Austria is used as a gateway for international money laundering. It is doing too little to fight the phenomenon.” Only twelve convictions were made in 2009.

Swiss Expert Criticizes Austria’s Role in International Money Laundering / Picture: © Vindobona.org

Mark Pieth, Swiss professor of economics and president of the OECD’s work group against bribery in international business, criticizes Austria’s approach to handling the phenomenon of international money laundering. Austria would be used by dubious investors as a “gateway from the east to the west”, making Austrian banks the connecting link to American and British banks, stated…