Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

August 2008

Postcard : Liechtenstein

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
Reading Time 1 mins

New Page 5

49 Postcard : Liechtenstein

Berlin is vilifying the principality for letting tax evaders
hide their cash there.

Berlin is keen to claim an estimated $ 6 billion in unpaid
taxes on funds that German citizens are thought to have spirited away to
Liechtenstein. Germany’s Federal Intelligence Service, the BND, paid as much as
$ 7 million to a former employee of a trust controlled by the LGT Group, a bank
owned by the principality’s royal family. In return, the BND received stolen
computer discs containing names of people with funds in Liechtenstein. The U.S.
and U.K. have made their own deals, and Germany has offered its information to
other interested governments.

In 1995, the nation’s banks managed assets of around $ 52
billion, by 2006 that figure had surged to more than $ 150 billion. Clearly
there aren’t enough Liechtensteiners to pile up that much cash.

(Source : Time, 10-3-2008)

Download PDF

You May Also Like

LISTED COMPANIES REQUIRED TO INCREASE AND MAINTAIN 25% PUBLIC SHAREHOLDING

Ten Commandments