Saturday, July 20, 2013

Liechtenstein Bank In U.S. Cross-Hairs (7/20/13)

It is reported that Liechtenstein Landesbank AG (LLB) has increased to $50 million its reserve for settlement with U.S. tax authorities.  See Giles Broom, Liechtenstein Bank Triples U.S. Probe Provision to $50 Million (Bloomberg 7/18/13), here.  Other key points from the article:

  • LLB represented is quote as having said that LLB "is confident that a solution can be found for Liechtensteinische Landesbank AG, Vaduz, in the coming weeks.”  This could be the third bank, after UBS and Wegelin, to make its peace with the U.S.
  • The U.S. information request was for "[a]ccounts that contained at least $500,000 at any time since the beginning of 2004." 
  • Responding to the request was "facilitated by Liechtenstein amending a tax law in March 2012."

1 comment:

  1. this is a very good informative post on Tax Deed and all that.i liked it very much.thanks for sharing this one here with us.


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