Private Client | 17 December 2019

Introduction

At very short notice, to be specific a few weeks before the revision of the criminal offence of money laundering (Article 165 of the Liechtenstein Criminal Code; StGB) came into force on 1 July 2019, the Liechtenstein banks surprised the players in the financial centre by announcing that, as of the date of the revision coming into force , the banks would regard business relationships involving the use of active companies (active in production, trade, or service providers) without physical substance, as a means of tax optimization and thus potentially classify them as tax fraudulent. [Continue Reading]