"Russian roulette in Vaduz"

The publication of the Offshore Leaks data revealed that at least 120 individuals and companies from Liechtenstein were active in tax havens. Despite the white money strategy introduced in 2009, Liechtenstein trustees were repeatedly involved in dubious transactions. One prominent case is the Kazakh entrepreneur Margulan Seisembayev, whose offshore structures in Liechtenstein and Switzerland led to the embezzlement of 1.1 billion dollars. Further investigations revealed links to Russian fraudsters and corruption cases such as the Magnitsky scandal. Experts criticize the inadequate monitoring of trustees, who often underestimate risks and are involved in criminal networks. Despite negative experiences, some trustees continue to adhere to risky business models. The transformation of the Liechtenstein financial centre towards legal and transparent structures is still underway, with the tax legalization of all managed funds to be completed by 2016 at the latest.

Topics in the publication

• Offshore companies and tax havens
• Criminal entanglements
• White money strategy
• Specific case studies
• Money laundering and fraud
• Regulatory challenges
• Risks and responsibilities of trustees
• Future of the Liechtenstein financial center