European Tax Haven
Liechtenstein says ‘no’ to banking anonymity
Liechtenstein has bitten the bullet and will finally close the
door on banking anonymity.
The Liechtenstein Bankers Association announced that a formal agreement
to comply with, and enforce, the abolition of banking anonymity
will take effect from the beginning of this month.
From then, all intermediaries (who, it is estimated, are responsible
for one-third of Liechtenstein’s bank accounts) will be required
to reveal the names of the depositors they represent. The banks
will then perform their own identity checks on their customers.
The new regulations do not apply solely to new account holders:
current customers’ identities will also be investigated.
European Tax Haven & Liechtenstein Bankers Association
The Liechtenstein Bankers Association said that its members hope to
complete their checks by the end of next year. However, no further
account details will be disclosed. The Bankers Association
fears that some clients may refuse to reveal their identity
and choose to withdraw their funds. The move will be welcomed
by institutions such as the OECD and the FATF.
The Alpine principality has found itself to be the focus of
intense international scrutiny over allegations that its banks
were used to launder money by organised crime and drug barons.
Things came to a head in June this year, when the FATF blacklisted
Liechtenstein as one of 15 nations accused of failing to cooperate
in the fight against money laundering.
European Tax Haven - Bankers Association
“With the new policy, the Bankers Association is acting decisively
to counter the criticism against Liechtenstein with concrete measures,”
said the association.
Justice Minister Heinz Frommelt said: “It is 100 per cent in
our own interest to make sure there is no illegally earned money in
Liechtenstein.”
|
