LIECHTENSTEIN Law and Practice Contributed by: Simon Ott, Andreas Vogel, Husmira Halis and Felix Bayer, Schurti Partners Attorneys at Law Ltd
alty is irrecoverable, a substitute custodial sentence will be imposed. One day of substitute imprisonment corresponds to two daily rates. A legal entity is sentenced with a monetary penalty in the event of a conviction (see 1.5 Corporate and Personal Liability ). 1.7 Damages and Compensation According to Liechtenstein criminal law, a person who has suffered financial damage as a result of the alleged offence can apply to be joined as a private party to the criminal proceedings and seek compensation for this damage. Such an application must be filed prior to the beginning of the trial at the latest. As a private party, a victim of a white-collar crime has certain procedural rights (eg, the right to inspect the court files or the right to request the taking of evi - dence) and can submit evidence that may serve the purpose of having the perpetrator convicted. If the perpetrator is convicted, the court will award compensation for damages to the private party if it concludes that sufficient facts for such a decision can be established based on the findings in the criminal proceedings. If the criminal court concludes that these facts cannot be established, the private party is referred to the civil law court in order to pursue the civil claim there (ie, the private party is required to file a civil law action). It should be noted that a civil claim does not become time-barred as long as a decision on the claim of a private party in criminal proceedings is pending (ie, an application for compensation in the criminal pro - ceedings has the effect of suspending the limitation period). Class actions or equivalent collective redress mechanisms are not available in white-collar matters in Liechtenstein. 2. Enforcement 2.1 White-Collar Enforcement Authorities The main authority with powers to prosecute white- collar crime offences is the Liechtenstein Prosecution Service. According to the Liechtenstein Criminal Pro -
cedure Code, the Liechtenstein Prosecution Service is ex officio and, with the assistance of the Liechtenstein National Police, responsible for investigating all pun - ishable acts that come to its attention and for pros - ecuting the suspected perpetrator. In this context, the Prosecution Service has the task of submitting motions for investigation activities to be applied (eg, freezing orders, interrogation of witness - es, or seizure of objects or information stored on data carriers). Upon a court order, the investigation activi - ties are carried out either by an investigative judge or with the assistance of the Liechtenstein National Police (eg, the Princely District Court can request the Liechtenstein Police to interrogate a witness or assist in conducting a house search). In cases of white-collar crime, the support of the Liechtenstein National Police is provided by its spe - cialised unit for white-collar crime. Once the facts of the case have been fully estab - lished, the Prosecution Service must decide whether the suspected perpetrator should be indicted. If the Prosecution Service concludes that the probability of a conviction is more than 50%, it is required to file an indictment. In such circumstances, the case is taken to court for trial and judgment. The powers to render a judgment and enforce white-collar crimes therefore lie with the Princely Courts. Since the Liechtenstein legal system does not provide for specific criminal courts for white-collar offences, these cases are handled by general criminal judges. With regards to possible conflicts of jurisdiction between the Prosecution Service and administra - tive authorities, it should be noted that the admin- istrative authorities are responsible for investigating, prosecuting, and executing administrative offences in accordance with administrative (criminal) law, for example, the Liechtenstein Financial Market Author - ity is responsible for imposing fines on perpetrators of administrative offences in relation to violations of the Due Diligence Act. Besides that, administrative law can also provide for the competence of the Pros - ecution Service to prosecute misdemeanours and infringements, eg, the Prosecution Service is respon - sible for imposing fines on perpetrators for misde -
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