Talks With OECD Continue In Liechtenstein

by Ulrika Lomas, Tax-News.com, Brussels

27 March 2002

The Liechtensteiner Vaterland reported this week that talks between the jurisdiction and the Organisation for Economic Cooperation and Development are still taking place, although Head of Government, Otmar Hasler remains uncertain as to the OECD's planned timetable.

Questioned by the newspaper over whether the multilateral organisation has announced a date for the release of an updated blacklist of 'uncooperative' countries following the passing of the February 28 deadline, Mr Hasler admitted:

'I have no information about a specific date.' However he added that: 'I assume that the OECD will not take any other steps against Liechtenstein while our talks continue.'

The Head of Government revealed that in initial post-deadline talks with the OECD, officials had underlined the enormous amount of legislative changes which have been put in place in an attempt to secure removal from the blacklist, and also highlighted the immense effort that the finance sector has put into implementing the new laws and procedures.

According to the Liechtensteiner Vaterland, Mr Hasler also drew the OECD's attention to the fact that its list of uncooperative countries differs quite substantially from that of its sister organisation, the Financial Action Task Force. Liechtenstein was removed from the FATF's list of countries considered vulnerable to money laundering activities in June 2001.

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