Spain’s Princess Cristina indicted on money laundering and tax fraud charges

Members of a royal family – no matter what the country – spending money on lavish events is nothing new. While the financial recession has affected people across the globe, monarchs continue to live the lives they have become accustomed to, even if they do not always have the personal funds to back it up. For Princess Cristina of Spain, her extravagant lifestyle has landed her in hot water, as she has been charged with tax fraud and money laundering.

The allegations against Princess Cristina date all the way back to 2009, when the company owned by her father King Juan Carlos and her husband Inaki Urdangarin, picked up the tab for the first communion celebration she was having at her Barcelona mansion – a party that cost nearly $7,000. The company, Aizoon, is believed to be a front company that is no more than a way for Princess Cristina to divert official funds into her own personal account to use however she pleases.

The court documents officially name Princess Cristina as a money laundering suspect, and she is due to make a rare royal appearance in front of a judge. With Spain in a financial slump like many other European countries, the timing of this scandal is eroding what little faith and goodwill the public still has for the monarchy. The court alleges that many of the company expenses that appear personal in nature were never declared on the princess' income taxes, and if they have a value of more than $164,000 the non-reporting will be a crime punishable by prison.

While the involvement of a royal family member makes this an extreme case, money laundering is a very common crime. The software designed by AML Partners will give an institution effective tools in combating money laundering, so contact us today for more information.

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