LIECHTENSTEIN
Banking secrecy
The banking secrecy is legally standardised and under threat of penalty. It refers to clients’ personal data, the type of account management, the clients’ orders etc. The Banking Law of Liechtenstein requires public authorities to maintain the confidentiality of all parties.
The banking secrecy is selectively broken with regard to matters concerning inheritance law, enforcement, seizure, civil and criminal action.
Until recently, banking secrecy also applied with regard to international administrative and legal assistance as protection against foreign tax authorities. With the conclusion of Tax Information Exchange Agreements (TIEAs), Liechtenstein commits to no longer use the banking secrecy as an argument for the refusal of international administrative and legal assistance in future. This applies as of the assessment period 2010.
