Ethics and governance in the European Financial centers

The AFP has reported that Liechtenstein has pledged to boost cooperation with the EU in an effort to avoid future problems.

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In the context of the fraud through Liechtenstein, a note to journalists was published. This note is intended to provide background information on the recent tax evasion affair in Germany that appears to involve a large number of German residents who have taken advantage of Liechtenstein’s secrecy rules and its failure to co-operate with other countries in tax matters.


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Sen. Carl Levin is opening an investigation into whether U.S. citizens are hiding assets in banks in Liechtenstein to evade taxes after a German probe found widespread abuse.

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Vaduz, 15.2.2008 - As announced today by LGT Group, there are indications that client data stolen from LGT Treuhand AG in Vaduz has been unlawfully disclosed. The theft of this data was registered as a criminal offence and a court sentence was passed in 2003. Clients, who have a business relationship only with LGT Bank (and not with LGT Treuhand AG), as well as all client relationships established from 2003 onwards with companies of LGT Group, are not affected by this theft of client data.

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The chief executive of Deutsche Post is under investigation for tax evasion throug Liechtenstein.

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DAVID CRAWFORD from the Wall Street Journal reported recently that in the spring of 2003, auditors for a bank owned by Liechtenstein's royal family spotted an unusual flurry of money transfers involving a small offshore firm called Martha Overseas Corp

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Selected representatives from the fields of business, politics, and research met on 4/5 October 2007 for the 4th Liechtenstein Dialogue in Vaduz. The approximately 150 participants from different countries discussed the needs of the financial sector and future strategies for successful financial centers.

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On 5 and 6 October 2006, high-caliber representatives from the fields of business, politics, academia, and civil society met in Vaduz for the 3rd Liechtenstein Dialogue. Speeches, panels, and discussions offered a lively exchange of views from different perspectives on the topic of "Global Risks and Investor Confidence". The next forum of the Liechtenstein Dialogue series will be held on 4 and 5 October 2007.

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The FMA published in a document all important cases that provide us with an overview of the legal basics and its practice in regulating the financial market of the Principality of Liechtenstein.

FMA praxis (in German)

In June 2000, depide an existing diligence legislation, Liechtenstein was branded by the FATF as a "non-cooperative" country in combatting money laundering. The decision was a shame for the state that realised that its legislation wanted brushing up to comply with international requirements.
On 1 January 2001, Liechtenstein put a new act on professional diligence obligations for financial transactions into force (Due Diligence Act). In parallel, specially trained staff has been made available to supervise compliance with due diligence legislation. These efforts have been officially acknowledged by the Financial Action Task Force (FATF) of the Organisation for Economic Cooperation and Development (OECD). It has assessed Liechtenstein as a state that supports international efforts to fight money laundering. For investors, this rating is another clear indication that the Liechtenstein legal framework for financial services meets the highest international quality and safety standards.
The FATF recognised Liechtenstein's measures to combat money laundering and in June 2001 struck Liechtenstein off the list of non-cooperative states in combatting money laundering.



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