In order to avoid being placed once again on the Financial Action Task Force's blacklist of countries considered uncooperative in the fight against money laundering, the Liechtenstein parliament last week voted on amendments to the principality's Duty of Care laws.
From 31 December 2001, bank accounts for which the beneficial owner and/or business profile are not known will be frozen in order to avoid accusations of lax anti-money laundering practices, the government has revealed.
According to a report in the Liechtensteiner Vaterland, although the proposal to shorten the transition period for this change, which had originally been set for 31 December 2002, was uncontested, there was fierce debate over the nature of sanctions which could be imposed on trustees and lawyers who refuse to reveal the identity of a beneficial owner by the end of the year.
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