Offshore Private Banking Under Attack
Liechtenstein bank orders audit of trust business
Liechtenstein's LGT bank to order independent audit over trust service for US customers
Liechtenstein's LGT Group said Friday it would order an independent audit into its trust business, which came under fire from U.S. lawmakers for allegedly helping wealthy Americans hide billions of dollars from tax authorities.
The bank, owned by the principality's royal family, said in a statement it would contract "an internationally renowned auditor" to look into LGT Treuhand and its business practices.
A U.S. Senate subcommittee on investigations held a hearing and issued a report criticizing LGT as one of the offshore banks that are helping Americans evade an estimated $100 billion in U.S. taxes a year. The panel also examined Swiss banking giant UBS AG.
posted by Victor Lloyd Smith @ 8:24 PM
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