PETER WEINZIERL, the former CEO of Austria's MEINL BANK, is contesting his extradition to the United States in a London courtroom; he was arrested in the UK last year. Weinzierl is accused of being the central figure in a $170m global bribery scheme, conducted for there Brazilian international construction giant, ODEBRECHT S.A., employing a bank located in Antigua & Barbuda, MEINL BANK (Antigua) Ltd., where he was on the board of directors.
The defendant faces three counts:
1. Conspiracy to Commit Money Laundering.
2. International Promotional Money Laundering.
3. Engaging in a Transaction in Criminally-Derived Property.
Weinzierl worked through Odebrecht's covert wing, The Division of Structured Operations, which paid huge bribes to get lucrative government construction contracts abroad. he faces 70 years inn Federal Prison, which amounts to a Life Sentence, as he is 55 years old.
Given Austria's troubled history of money laundering scandals, and the issues regarding its bank secrecy laws, this particular criminal prosecution could deter the country's bankers from future involvement of international money laundering. The United States needs to use this case to make a point regarding the liability of Austrian bankers who facilitate international money laundering.
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