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Friday 15th August 2008
News that Prince Alois, the ruler of Liechtenstein, has suggested that the tiny state is set to co-operate more with overseas states, with regards to potential problems with money laundering and tax evasion has been welcomed by many. The country is little known outside of the banking community but sandwiched between Switzerland and Austria it has been somewhat overshadowed on a commercial front. However, the banking sector is a very different matter!
Governments around the world have been at pains to try and flush out assistance from the rulers of Liechtenstein with many suggesting that literally billions of pounds are being hived away illegally by those potentially involved in money laundering or tax evasion. Indeed the UK authorities recently put Liechtenstein at the top of its ‘most wanted’ list claiming that much of the £1 billion they are chasing from UK residents may well be held in the tiny state.
However, those who think that Liechtenstein is just about to roll over and give full access to its banking community will need to think again. While further assistance is on the cards Liechtenstein has requested assurances that talks will be constructive and beneficial to all parties. Whether this will bring Liechtenstein into the mainstream of European banking remains to be seen. |
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