Liechtenstein Gazettes Laws Amending AEOI, CbC, FATCA Provisions

The Liechtenstein Official Gazette Dec. 23 published Law Nos. 354, 355, and 359.131.2, amending provisions on the automatic exchange of information (AEOI) on financial accounts, country-by-country (CbC) reporting, and the U.S. Foreign Account Tax Compliance Act (FATCA). The laws include measures amending the: 1) AEOI Act, by requiring reporting Liechtenstein financial institutions to document steps taken for AEOI due diligence, with a 10-year recordkeeping requirement, and imposing fines of up to 20,000 Swiss francs (US$21,527) against authorized third parties for data and document retention noncompliance; 2) CbC Act, by applying the Administrative Criminal Law to administrative criminal proceedings, and imposing ...