Frank Schneider arrest

Frank Schneider, a former employee of Luxembourg's Intelligence Agency SREL, worked for the European Investment Bank (EIB) through his company Sandstone.

This was reported by Luxembourg Times on Tuesday. In the context of the fight against money laundering and funding of terrorist activities, Sandstone carried out integrity checks of EIB clients until at least 2015.

The EIB stated that this cooperation was in compliance with regulations in place. In its report, Luxembourg Times suggests that seeing as Schneider was arrested last month for his alleged involvement in a cryptocurrency case and is facing trial in the US, this fact would once again shine a light on violations of international standards by the EIB.

In this context, Luxembourg Times also refers to a former EIB employee who was in charge of checking the integrity of the bank's clients and was accused of deliberately looking the other way. The employee in question abruptly quit his job at the EIB in 2019.