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Last year, Liechtenstein was thrust into the news media spotlight after revelation of the theft in 2002 of confidential bank client data by a former employee at the LGT Group, a financial banking firm owned and managed by Liechtenstein’s royal family. That employee, one Heinrich Kieber, a wanted criminal, sold (for millions of dollars) the stolen data to complicit tax authorities in Germany, the United Kingdom and the United States who allege it shows tax evasion by 1,400 LGT clients, including 150 in the United States. Now comes the news that Liechtenstein, a nation that prides itself on having one of the tightest bank secrecy laws in the world, will now (in very limited circumstances) turn over to United States investigators the bank records of some American clients suspected of tax evasion. But there is one major catch: the agreement covers only clients who are already being investigated or prosecuted for tax evasion in the United States. In other words, no IRS "fishing expeditions" allowed. That hurdle makes it unlikely that Liechtenstein will open the floodgates to foreign tax authorities, who are trying to uncover the identities of suspected tax cheats. Unlike Liechtenstein and neighboring Switzerland, which make a distinction between tax evasion and tax fraud, the United States considers them to be the same thing, and both to be crimes. Only tax fraud is a criminal offense in Liechtenstein and Switzerland. That catch led some tax authorities to call the agreement window-dressing. "It doesn’t do anything," said Jack A. Blum, a self-appointed authority on offshore fraud to whom the leftist news media habitually turn for quotes. "They’re offering to give up what we already know," he says. Righto, Jack! A spokesman for the Embassy of Liechtenstein in Washington, Matthew J. Keller, said that the agreement, to be signed Monday, did not affect its commitment to preserving Swiss-style banking secrecy. "Privacy will continue to be protected under this agreement," he said. "There’s a lot of criteria that the U.S. side has to meet before the information is shared." He added that one requirement would be for United States investigators to prove they have already obtained significant information, including names and allegations, of those suspected of tax evasion. As one who knows the principality and works with its professionals, I've been asked: "Is Liechtenstein still safe for banking and asset protection?" My considered opinion is, "Yes, now more than ever." The principality has been an established offshore financial center since the 1920's - indeed, it was one of the first such havens in the world. It offers an impressive array of corporations, trusts, family and other foundations, as well as private banking in strict secrecy. This announced agreement only strengthens my view that, for those who want real financial privacy, Liechtenstein is the place. Assuming that you are honestly complying with the tax and reporting laws of your nation, you need not worry about your name being revealed if you are doing business in Liechtenstein. |
