Global Forum approves Liechtenstein
22 November 2021
Liechtenstein’s legal framework on the automatic exchange of information about financial accounts created in 2020 is perfect. This confirmation was expressed by the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes.
According to a press release from the Principality of Liechtenstein, it is “a reliable partner” for the automatic exchange of information (AEOI) on financial accounts. Accordingly, independent experts from the Global Forum on Transparency and Exchange of Information of the Organisation for Economic Co-operation and Development (OECD) assessed the legal framework for Liechtenstein created for this in 2020 within its 14th plenary meeting as “in place”. This comes from the AIA peer review report 2021. The assessment means that Liechtenstein’s national implementation is fully consistent with the international requirements.
In addition to an assessment by the AIA standard, continuation of the second review round for the standard for transparency and exchange of information on request (EOIR) was at the heart of this conference. The second review round was already completed for Liechtenstein in 2019 with the rating “largely compliant”. Liechtenstein is said to be particularly interested in all participating countries having the same regulations. This is enabled by peer reviews.
Over 130 countries took part in the virtual plenary meeting from November 17 to 19. Liechtenstein is a member of the Global Forum’s Steering Group.