Liechtenstein Formally Announce End Of Anonymous Accounts From October 1st http://www.tax-news.com/html/oldnews/st_jliBankSecrecyEnd_25_09_00.htm by Ulrika Lomas, Tax-news.com, Brussels 25/09/00 The cards have been on the table for some time, and now the moment has come for Liechtenstein, finally, to close the door on banking anonymity. The Liechtenstein Bankers Association announced at the end of last week that their formal agreement to comply with, and enforce, the abolition of banking anonymity will take effect from October 1st... [snip] The Liechtenstein Bankers Association has stated that its members hope to complete their checks by the end of next year, but it does stress, unequivocably, that any further account details will remain under normal banking secrecy agreements. Even so, the Bankers Association says it expects some clients may refuse to reveal their identity and choose to withdraw their funds. The new system of identifying the names of depositors, known as "Know Your Customer", has been in force for some time but is currently non-obligatory - until October 1st that is. Just as the demise of the anonymous account will be mourned by many an investor, so too will it be welcomed by institutions such as the OECD and FATF... [snip] The pressure placed on Liechtenstein by the FATF has played a major part in removing banking anonymity, but there remains some tax jurisdictions outside Europe which will welcome depositors money without compromising their identity. However, given the mounting international scrutiny and the implementation of anti-money laundering initiatives, times are changing and perhaps it is just a question of time before they begin to come under the same amount of pressure as Liechtenstein. -----------------------------------------