| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

Home 
 
 News
 Irish
 Irish Economy
 EU Economy
 US Economy
 UK Economy
 Global Economy
 International
 Property
 Innovation
 
 Analysis/Comment
 
 Asia Economy

RSS FEED


How to use our RSS feed

 
Web Finfacts

See Search Box lower down this column for searches of Finfacts news pages. Where there may be the odd special character missing from an older page, it's a problem that developed when Interactive Tools upgraded to a new content management system.

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Irish Share Prices

Euribor Daily Rates

Irish Economy

Global Income Per Capita

Global Cost of Living

Irish Tax 2008

Climate Change Reports

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Content Management by interactivetools.com.

News : EU Economy Last Updated: Apr 24, 2009 - 5:31:05 PM


Liechtenstein bank LGT says stolen data had information on 1,400 clients
By Finfacts Team
Feb 25, 2008 - 1:23:32 PM

Email this article
 Printer friendly page

LGT Bank in Liechtenstein - - Liechtenstein, which has a population of 35,000 people, says that financial services represent an important economic sector in Liechtenstein, but not the largest. 14.3% of persons employed in Liechtenstein are in the financial services sector. Due to the high added value intensity of this economic sector, persons employed in the financial services sector contribute a share of about 30% to the Liechtenstein gross domestic product. The services offered include in particular private asset management, international asset structuring, investment funds, and insurance solutions.

Especially significant for the development of the Liechtenstein financial center were the entry into force of the Customs Union with Switzerland in 1924, the adoption of the Swiss franc as the legal currency, and the creation of specific corporate legal foundations in 1926. The last 15 years have been a particularly dynamic period for the Liechtenstein financial center. The number of banks increased from 3 to 16, and new fields of business have opened up in the funds and insurance sectors. The accession to the European Economic Area in 1995 acted as a catalyst for a series of fundamental changes and made access to the markets of other countries possible.

LGT Group, the biggest bank in the Alpine tax haven Liechtenstein and owned by the principality's ruling Liechtenstein family, has said that records stolen and passed to German tax authorities contain data from 1,400 clients as the investigations into tax evasion has widened to the UK.

LGT  said that the data, including bank information from 600 Germans, were stolen in 2002 and no later data, was given to authorities. The foundations listed in the stolen records had 4,527 beneficiaries, the bank said.

The UK's Revenue & Customs has confirmed that it is investigating Britons with bank accounts in Liechtenstein. It is also reported in Sueddeutsche Zeitung, that the prosecutor's office in Bochum, Germany, now has records from a second Liechtenstein bank, and investigators have begun 700 individual preliminary proceedings.

Last week, Germany warned that it would ``tighten the thumb screws more'' on Liechtenstein if the two countries can't agree on ending the facilitation of tax evasion. The German government paid  €4.2 million to an ex-LGT employee, for a DVD containing records of accounts held on German account holders.

LGT said in a statement:Apparently, the stolen data material has also been illegally disclosed, directly or indirectly, to other authorities. According to reports in the media, the previously convicted offender was paid a sum of several millions for the information and was provided with a new identity. LGT regards such methods as being extremely offensive, particularly as it is apparently accepted that the person concerned could also misuse the confidential client data for other criminal purposes.

The data stolen in 2002 comprises various different types of records. They concern approximately 1,400 client relationships of LGT Treuhand, which were established before the end of 2002. The largest proportion, about 600 clients, are resident in Germany. The figure circulated in the media of 4,527 sets of data represents the number of beneficiaries of all the foundations contained in the data material stolen from LGT Treuhand in 2002. The figure should not be confused with the number of clients, who have deposited assets in one or more foundations which in turn have one or more beneficiaries. Furthermore, the generalization put forward in some cases that all the clients affected are tax offenders is to be utterly refuted.

Related Articles
403 Forbidden

Forbidden

Execute access is denied.


© Copyright 2009 by Finfacts.com

Top of Page

EU Economy
Latest Headlines
Eurozone services PMI rose for third straight month in February
Germany at full-employment: Lessons for low-pay US manufacturing
Automotive industry accounted for 18% of German goods exports in 2014
Eurozone unemployment slightly falls; Germany & Austria below 5%
Eurozone deflation risks receded in February
Eurozone manufacturing maintains modest growth in February
Greece's bailout extended for 4 months; IMF, ECB dissent
China's manufacturing PMI in slight rise in month of little activity
Growth in Europe stunted by capital shortage/ fragmentation
Growth of Eurozone business activity at seven-month high in February
Germany demands 3-sentence letter on bailout extension
Euro area growth up 0.3% in Q1 2014; Up 0.4% in EU28
German growth accelerated in Q4 2014; French GDP growth fell
Euro is a marriage with no divorce option
Chinese investment into Europe at record high; UK on top, Ireland hopes
German exports rose to new record in 2014
For first time since 2007 all EU economies to grow again this year
Eurozone service sector activity at 5-month high
Italy's SMEs poor exporters compared with counterparts in Germany, Spain
Eurozone manufacturing rises at fastest pace in 6 months at start of 2015
Greece gives mixed signals on debt talks
Eurozone annual inflation in January at -0.6%; Unemployment rate at 11.4% in December
Swiss franc surge squeezes eastern European homeowners
Europe's Worst Exporter: Poor export performance of Greece
German government to raise 2015 growth forecast to 1.5%
Manufacturing and services activity rise in Eurozone at start of 2015
Euro's effective exchange rate down 10% in six months
Spain added 434,000 jobs in 2014 - 24% of total employee jobs temporary
ECB launches quantitative easing of up to €1.1tn
ECB keeps rates unchanged ahead of expected QE announcement
ECB keeps rates unchanged ahead of expected QE announcement
ECB expected to announce bond buying/ "money printing" program today
Spectre of deflation could prove disastrous for equity markets
Germany's economy grew in 2014 at best in 3 years; Third straight budget surplus
Industrial production rose in the Eurozone in November
European Parliament likely to establish special committee on tax evasion/ avoidance
Germany will grow by 1% in 2015
Germany, France and UK report grim economic data
Impact of euro QE in a deflationary world
Eurozone unemployment rate stable at 11.5% in November; Austria lowest at 4.9%