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Liechtenstein - Pirates in the Mountains?

Liechenstein for the Europeans is what the Cayman Islands is to the American.  Namely, a haven for unserious and criminal activity.  Various Eroupean government agencies have tried for years to close some of these loop hools, but there seems to be little progress.

Unserious and criminal businessmen and women use the financial secrecy laws to hide illegal financial transactions. Although, this doesn’t have the creative flair of a turle farm in the Cayman Islands it is effective enough to hide the flow of funds.  These funds are normally then transferred to a country like Switzerland or a third world country where the accountancy is less stringent or no cooperation treaty exists.

Another interesting variable is the Liechentstein post office box. A company opens up a business with the only address being a p.o. box.  One clever individual developed a scheme, where he visited German companies under the pretense of selling advertiing space in a company listings book. The office manager was immeadiately suspicious, when the man asked for a signature. The stranger said he needed to proove  to his bosses he visited the store. The manager asked him to leave, but on his way out, unkown to the manager the reported salesman got his signature from an unsuspecting janitor.

In the following months, the company recieved a bill for there advertisement. When they refused to pay, they were confronted with a court order to pay there bill. The owner of the business was, as you can imagine, extremely angry, and was forced to capitulate, after the companies lawyers said it would cost over $ 75,000 to fight the charges. In addition, the sollicitors could not even guarantee success!  The lawyers recommended the company to pay the $ 25,000 required by the dubious Lisings company, and save their time and money.  Hard to believe for Americans, but its true. The company went bankrupt some time later.

This is just an introductions into the financial scams and pitfalls present when dealing with businesses in Europe.  In the coming months, I hope to shed a little more light on this tiny country and its curious financial laws.

Coming Soon!!!!  Why dont the Politicians and Judges do something?