Liechtenstein, which has suffered badly from money laundering accusations, announced last week that it had issued a new regulation in relation to the the law on the duty of care, which had been passed by parliament in its September 2000 session. The revised law on the duty of care and the associated regulation will come into force on 1 January 2001.
At a press briefing, Head of Government Mario Frick commented : 'This regulation rounds off legal measures with regard to Liechtenstein's efforts to improve the fight against money laundering and organised crime. The regulation connected to the law on the duty of care is strict, but it can still be implemented. We succeeded in forging a link between high duty of care and liberal economics.'
Whilst Liechtenstein has been fighting to shake off its money laundering image, Liechtenstein's banks do not seem to have been adversely affected. Statistics released by the Department of National Economy at the beginning of December show that Liechtenstein's banks are continuing to grow. In the business year 1999, banking institutes increased their balance sheet total by 12.8 per cent to SFr34.9bn. Customers' assets rose from SFr90.8bn to SFr110.2bn. The statistics covered 12 banks in the last business year.
Liechtenstein might want to extend a few words of thanks to its neighbour Switzerland, which has proved a valuable ally in recent months, lending its support to the tiny principality over the contentious issue of banking secrecy.
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