The Phase 2 review rates Liechtenstein overall as largely compliant with the international standard. Liechtenstein’s legal framework generally ensures that ownership information, accounting and bank information is available and can be obtained in line with the standard. The report acknowledges measures taken by Liechtenstein since the Phase 1 review to further improve transparency and availability of information for exchange of information purposes.
The main findings of the report relate to application of the foreseeable relevance criteria and of the concept of ordre public. The report notes that in practice Liechtenstein applied a restrictive interpretation of the standard of foreseeable relevance in a number of cases and recommends Liechtenstein to correct this interpretation to ensure that it does not impede effective exchange of information. The report further notes that Liechtenstein’s application of the concept of ordre public in respect of stolen data has had a significant impact on exchange of information in practice resulting in a considerable number of received requests currently pending. The report recommends Liechtenstein to take measures to address this so that it can give full effect to the obligations under its EOI mechanisms.
Although there are certain areas for improvement to ensure that all EOI requests are responded to in a timely manner Liechtenstein has in place appropriate organisational processes and resources to ensure effective exchange of information.
Liechtenstein should report steps taken to address the recommendations made in the report within one year. For further information on Liechtenstein’s exchange of information practices and to read the full report click here.