The Liechtenstein Bankers Association has presented its banking centre strategy for the coming five years. The so-called Roadmap 2020 focuses on quality, stability and sustainability. It also encourages Liechtenstein to join the OECD.
With a proportion of 24 per cent economic output, the Liechtenstein financial centre is one of the countrys economic pillars. It contributes 40 per cent of tax income and creates 6,000 qualified jobs. Previous years have seen the financial centre concentrate on improving its reputation, but its further positioning and differentiation in international competition have now become a focus.
To this end, the Bankers Association has presented its Strategy Roadmap 2020, which focuses on the success factors of quality, stability and sustainability, explained a statement. The goal of the strategy is for Liechtenstein to be perceived as a considerate, sustainably active and stable financial centre at the heart of Europe. According to the Roadmap, Liechtenstein should be known for its high levels of innovation and efficiency, as well as its proven competences in private banking. The statement explained that the mission of the banking centre is to offer complete solutions, bespoke products and premium services to a demanding, internationally oriented clientele.
The Bankers Association sees sustainability in a very broad sense. Responsible, sustainable trading and the reporting that goes with it are becoming more and more of a trend, according to the Roadmap. It added: A responsible, sustainable approach to a fundamental premise should be further consolidated as an element of the culture in the banking centre of Liechtenstein.
The Bankers Association is also focusing on strengthening the countrys international network, including further extending its network of double taxation agreements and implementation of the automatic exchange of information. It also recommends a serious review of a closer involvement in or a membership of OECD.
Over the past two decades, the Organisation for Economic Co-operation and Development has been the driving force breaking down banking secrecy in tax matters. Membership or involvement in the Financial Action Task Force (FATF), which leads the international fight against money laundering, should also be considered, according to the Bankers Association.