Liechtenstein Bank Secrecy

Today the western world s demand for total financial transparency has caused the tiny country to throw in the towel and cooperate with foreign governments in disclosing account holders.

Liechtenstein bank secrecy. The alpine nation eliminated its banking secrecy laws four years ago under pressure from the u s. Liechtenstein bowed to international pressure on friday to lift some of the veil of secrecy on its banks and make it harder for wealthy foreigners to hide money there after a german scandal over. In liechtenstein bank secrecy is expressly anchored in the banking law which guarantees the anonymity of the investors as well as the economic success of the financial services sector. Stringent and wide reaching laws require the.

And the european union sending clients to other jurisdictions and forcing one of europe s oldest banking hubs to recast its image. Law trust 1 646 893 10 82 new york ltint telegram 44 20 37693394. Opening of bank accounts. Liechtenstein s reigning prince has angered german jews by invoking the holocaust to defend his country s banking secrecy.

The latest flare up of fractious relations between the tiny alpine. Up until several years ago liechtenstein was a haven of bank secrecy. The liechtenstein government having already developed and advancement strategy in 2008 in order to safeguard the future of the financial market place emphasized with the liechtenstein declaration its stance regarding the protection of privacy and defense of bank secrecy. Bank secrecy has a high priority in liechtenstein law and is guaranteed through civil as well as penal laws.