Banking secrecy in the Bahamas is weak. Banking is largely a matter of fragile trust between bank and customer and tight secrecy. According to this article on the recent tax haven privacy breach, The EU is using unlawful means to crack down on banking privacy. Panama remains one of the few real advocates for banking privacy. There is too much of the Panamanian work force involved in the banking system, and there would be too much at stake for an outside entity to attempt the same scheme as the Germans did to Lichtenstein.

Liechtenstein

Liechtenstein is the sixth-smallest independent nation in the world by land area. Liechtenstein is one of only two doubly landlocked countries in the world[10]—being a landlocked country wholly surrounded by other landlocked countries; the other is Uzbekistan. Liechtenstein has been a member of the European Economic Area (an organization serving as a bridge between the European Free Trade Association (EFTA) and the European Union) since May 1995. Liechtenstein has no airport; the nearest large airport is Zürich.

International

The Germans have threatened to impose a tax on all monies going to Lichtenstein which is sort of an economic boycott that could violate international law which it appears the acquisition of the CD also violated. There may be some Germans who take the matter to court in their country and the Hague International Court and fight on this count but it probably will not happen. Recently, Liechtenstein has shown strong determination to prosecute any international money-laundering and worked to promote the country’s image as a legitimate financing center.

Financial

Liechtenstein’s army was disbanded in 1868 for financial reasons. In dire financial straits following the war, the Liechtenstein dynasty often resorted to selling family artistic treasures, including, for instance, the priceless portrait “Ginevra de’ Benci” by Leonardo da Vinci, which was purchased by the National Gallery of Art of the United States in 1967. Despite its limited natural resources, Liechtenstein is one of the few countries in the world with more registered companies than citizens; it has developed into a prosperous, highly industrialized, free-enterprise economy, and boasts a financial service sector as well as a living standard which compares favourably to those of the urban areas of Liechtenstein’s large European neighbours. Raising the regulatory bar in this state will enhance the flow of critical financial information that is of great value to regulators and law enforcement officials.

The German chancellor, Angela Merkel, has demanded greater financial transparency; Liechtenstein’s politicians point the finger at Germany’s convoluted tax system. The Liechtenstein prime minister, Otmar Hasler, has sought to dampen the current ill feeling with Berlin, stressing that its standing as a financial centre is currently undergoing a process of reform.

Company

Liechtenstein’s most recognizable international company and largest employer is Hilti, a manufacturer of concrete fastening systems. There are numerous music organizations such as the Liechtenstein Musical Company, the annual Guitar Days and the International Josef Gabriel Rheinberger Society; and two main theatres.

Lichtenstein Accounts

2008 the German Intelligence Service paid an ex-employee of a Lichtenstein Bank for a CD containing all the account holder information of foreigners having foundation accounts in a Lichtenstein bank. The German National Police acquired a CD containing the names and details of account holders of bank accounts in a Lichtenstein bank owned by the Lichtenstein royal family. The German government paid this individual either $6,000,000 or $7,300,000 depending on which account one wishes to believe. The German authorities had in their possession account holder information on Americans, French, Spanish, Australians, Canadians, New Zealanders, Italians, Finnish, and Swedish citizens who were all turned over to the respective governments for free but some allege monies were paid for the information by the foreign governments.