Liberty Reserve Founder Budovsky Arrested in Spain on Money-Laundering Charges

Created: 2013-05-30 10:36 EST

Category: World > Europe

Spanish police released video of the arrest of Liberty Reserve founder Arthur Budovsky on charges of money laundering.

The police operation, code-named "Arthur", is the biggest hit against money laundering carried out jointly by Spanish and US authorities, which has led to arrests in various countries, Spain's National Police said in a news release.

The news release said that Costa Rican based Liberty Reserve, a digital currency business, had carried out over 55 million transactions around the world involving over six billion dollars related to illegal activities.

Budovsky, a naturalised Costa Rican, was arrested at Madrid's Barajas Airport along with another person when they stopped in Madrid on their way to Costa Rica.

So far, five people - two in New York, one in Costa Rica and two in Spain - have been arrested in connection with the Liberty Reserve investigation, Spanish police said.

U.S. authorities began investigating Liberty Reserve a year ago, the new release said.

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