Abolition approved

The Liechtenstein Bankers’ Association has formally approved a measure to eliminate anonymous accounts. Non-compliance carries the ultimate sanction of expulsion. The ordinance will take effect from 1 October 2000 and covers both new and existing accounts. Lawyers and other intermediaries will be required to disclose the names of depositors who they represent in order that the banks may perform their own identity verification procedures. The Association said that its members hope to complete the work on existing customers by the end of 2001 at the latest.