International Law

Germany Vows To Investigate European Tax Havens

By B. Wayne Creel

Germany?s finance minister, Peer Steinbruck, announced on Friday, February 22, 2008, that Germany would begin further investigations into European financial centers and tax havens.  The likely countries targeted by Germany are Liechtenstein, Monaco, and Andorra.  This announcement is a recent development in the tensions building between Germany and Liechtenstein regarding the use of Liechtenstein as a tax haven.  The tension has been mounting since Germany began a tax investigation into at least 750 individuals two weeks ago based in part on German accounts held at Liechtenstein?s LGT bank, which was purchased by the BND intelligence agency in 2006.  Germany has indicated that it will take further steps if Liechtenstein refuses to cooperate.  It will be interesting to watch as this situation develops as it may result in additional methods for international recovery in European countries, with or without governmental assistance.

Full post as published by International Asset Recovery Law Blog on February 25, 2008 (boomark / email).