Liechtenstein has been rated as “largely compliant” by the Global Forum on Transparency and Exchange of Information for Tax Purposes. The country has made progress on addressing the deficiencies that were ascertained in the first assessment of jurisdictions. As the government in Vaduz wrote in a press release, this review determined that relevant information on beneficiary ownership, accounting and banking is generally available in line with the standard in Liechtenstein. The exchange of information with partner jurisdictions was also rated positively. Furthermore, the Global Forum provided recommendations on the remaining deficits. Supervision of organizations and trusts with the private asset structure tax status should be enhanced and the information obligations of Liechtenstein’s financial intermediaries more closely defined.
Liechtenstein Prime Minister Adrian Hasler is delighted with the verdict of the report. “The Global Forum rating is a huge success for Liechtenstein and its financial market strategy. It is of great significance for us as a business location,” he said in a press release. “Compliance with international and European regulatory standards is essential for market access and the competitiveness of Liechtenstein as a financial center.”