G20 china_web

ADVOCACY
LIECHTENSTEIN BANKERS ASSOCIATION
Liechtenstein:
a competitive and
stable IFC ready
for the future
The ongoing flood of regulations poses
great challenges for financial centres
worldwide. For smaller financial centres
such as Liechtenstein, it is even more
challenging. However, Liechtenstein
was in recent years able to evolve into a competitive
financial centre and a reliable and respected partner
in the international community. This was not
accomplished without having to take major steps.
Since the 2008 financial crisis, the regulatory
environment has become vastly more dynamic and
complex. Financial centres around the world are
faced with constant changes. Liechtenstein as well
has been directly affected by a bulk of regulations
since joining the EEA in 1995, transposing more
than 8,000 pieces of EU legislation into national
law. The tax debate then kicked off in 2008,
putting Liechtenstein under heavy pressure. The
Liechtenstein Declaration of 2009 represented a
milestone in the country's evolution into a modern
financial centre of international standing. In the
Liechtenstein Declaration, the country unanimously
agreed to consequently comply with international