Banking and finance Economy of Liechtenstein

national bank of liechtenstein

the principality of liechtenstein known important financial centre, because specializes in financial services foreign entities. country s low tax rate, loose incorporation , corporate governance rules, , traditions of strict bank secrecy have contributed ability of financial intermediaries in liechtenstein attract funds outside country s borders. same factors made country attractive , vulnerable money launderers, although late 2009 legislation has strengthened regulatory oversight of illicit funds transfers.

liechtenstein has chartered 17 banks, 3 non-bank financial companies, , 71 public investment companies, insurance , reinsurance companies. 270 licensed fiduciary companies , 81 lawyers serve nominees for, or manage, more 73,000 entities (primarily corporations, institutions, or trusts), partly non-liechtenstein residents. one-third of these entities hold controlling interest in other entities, chartered in countries other liechtenstein. principality s laws permit corporations charters issue bearer shares. until recently, principality s banking laws permitted banks issue numbered accounts, new regulations require strict know-your-customer practices accounts.