CDR: Liechtenstein ends anonymous bank accounts

[Declan McCullagh]

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.
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