Banks issue expanded tax compliance guideline
In August 2013, the Liechtenstein banks formulated the tax compliance guideline – a minimum standard applicable throughout the national banking industry that defines their due diligence obligations with regard to customers' tax compliance. This standard has now been expanded. "The modified guideline is a logical consequence and continuation of the tax compliance strategy that Liechtenstein banks adopted some time ago", said Simon Tribelhorn, Director of the Liechtenstein Bankers Association (LBA). "The banks are preparing themselves and their customers for the future automatic exchange of information."