Prince Hans Adam II Says Duty Of Care Changes Were Necessary

by Ulrika Lomas, Tax-News.com, Brussels

20 December 2001

Speaking about the government's commitment to the FATF to reveal the economically entitled persons or entities behind all bank accounts held in Liechtenstein, Prince Hans Adam II was optimistic this week, predicting that the target would be attained.

Following the FATF's demands for information, the alpine principality passed emergency legislation enabling the anti-money laundering authorities to freeze bank accounts for which the economically entitled person is not known on the 31st December 2001.

'In the end, we didn't have much of a choice,' the Prince said of the amendment to the law, which was enacted on the 16th November. He stressed the necessity of the measure, commenting that 'a re-listing would certainly have grave consequences.'

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