Instructions for clients of Liechtenstein banks

06.09.2013

In an effort to protect the reputation of Liechtenstein as a financial and banking center, both at home and abroad, the Association of Liechtenstein Banks on its website published the instructions for their clients. In view of the growing anti tax evasion control, these instructions explain the requirements of banks in relations with clients.

According to this guideline, Liechtenstein banks undertake to counteract illegal activities of their clients in relation to tax legislation, and should not keep untaxed assets. Accordingly, the banks will not accept any assets from new clients if there is reason to believe that there are some tax violations. Instructions, for example, contain a number of criteria by which the bank will be able to determine the degree of risk of unfair tax behavior. Each Client is responsible for his own tax obligations.

It is important to mention that the duties of Liechtenstein banks imposed by national legislation will always be in priority over the provisions of this instruction. This adverts, in particular, to the obligation to report suspicions in money laundering sphere.

Based on:

http://www.bankenverband.li/CFDOCS/cmsout/admin/index.cfm?GroupID=191&Lang=2&meID=96&MandID=1

Expert’s opinion

Everybody have a thing about money laundering.

Everything is play up to money laundering! Bankers, accountants, financiers and lawyers around the world can not do anything without carrying out of client’s due diligence to find out all details of his business.

Liechtenstein is amazing little country. It can be compared with one Moscow district.

But it is a great banking and financial sector, providing a good part of the everyday work for people from neighboring countries.

Published its recommendations and instructions the Association of Banks solves two problems simultaneously: on the one hand – it is fulfilled the requirements of America, on the other hand - the instructions can really be advisory in nature, but with "mandatory" implementation.

However, Liechtenstein banks work on steadily and professionally. And it is the most important things in our tumultuous times.

Irina Lomakina ( Director of Moscow office of “Honest&Bright” Company)