International Financial Law
Updated: August 27, 2018 (Librarian's choice).
International Financial Law is a framework of rules, standards and practices that govern international financial markets and transactions. The objective of this framework is to create international financial stability. This stability has to be created in an environment of national jurisdictions, each pursuing their own national interest and governance standards, and is constantly threatened by the consequences of increasing globalization, technological development and financial innovation.
This Research Guide is intended as a starting point for research on International Financial Law. It provides the basic legal materials available in the Peace Palace Library, both in print and electronic format. Handbooks, leading articles, bibliographies, periodicals, serial publications and documents of interest are presented in the Selective Bibliography section. Links to the PPL Catalogue are inserted. The Library's systematic classification → Public international law and subject heading (keyword) International Financial Law are instrumental for searching through the Catalogue. Special attention is given to our subscriptions on databases, e-journals, e-books and other electronic resources. Finally, this Research Guide features links to relevant websites and other online resources of particular interest.
- Alexander, K. (ed.), Research Handbook on International Financial Regulation, Cheltenham, Elgar, 2012.
- Buckley, R.P., International Financial System: Policy and Regulation, Alphen aan den Rijn, Kluwer Law International, 2008.
- Bamford, C.G., Principles of International Financial Law (2nd ed.), Oxford, Oxford University Press, 2015.
- Lastra, M.R., Legal Implications of International Monetary Stability, Oxford, Oxford University Press, 2010, pp. 447-501.
- Veil, R., European Capital Markets Law (2nd ed.), Portland, OR, Hart Publishing, 2017.
- Wood, P.R., Law and Practice of International Finance, London, Sweet and Maxwell, 2008.
- Barton, U.A., Rethinking Regulation of International Finance: Law, Policy and Institutions, Alphen a/d Rijn, Wolters Kluwer, 2017.
- Boccuzzi, G., The European Banking Union: Supervision and Resolution, Basingstoke, Hampshire, Palgrave Macmillan, 2016.
- Brummer, C., Soft Law and the Global Financial System: Rule Making in the 21st Century (2nd. ed.), New York, NY, Cambridge University Press, 2015.
- Buckley, R.P., From Crisis to Crisis: the Global Financial System and Regulating Failure, Alphen aan den Rijn, Kluwer International, 2011.
- De Pascalis, F., Credit Ratings and Market Over-Reliance: An International Legal Analysis, Leiden, Brill Nijhoff, 2017. [e-book]
- Desierto, D.A., Public Policy in International Economic Law: the ICESCR in Trade, Finance and Investment, Oxford, Oxford University Press, 2015.
- Ferran, E. (ed.), The Regulatory Aftermath of the Global Financial Crisis, Cambridge, Cambridge University Press, 2012.
- Fox, D., and W. Ernst (eds.), Money in the Western Legal Tradition: Middle Ages to Bretton Woods, Oxford, Oxford University Press, 2016.
- Geeroms, H. (et al.), The European Union and the Euro: How to Deal with a Currency Built on Dreams, Cambridge, Intersentia, 2014.
- Gleeson, S, and R. Guynn, Bank Resolution and Crisis Management: Law and Practice, Oxford, Oxford University Press, 2016.
- Grant, W., The Consequences of the Global Financial Crisis: the rhetoric of reform and regulation, Oxford, Oxford University Press, 2012.
- Jackson, J.H., T. Cottier and R.M. Lastra (eds.), International Law in Financial Regulation and Monetary Affairs, Oxford, Oxford University Press, 2012.
- Newman, A.L., and E. Posner, Voluntary Disruptions: International Soft Law, Finance, and Power, Oxford, Oxford University Press, 2018. [e-book] July
- Paterson, S., and R. Zakrzewski (eds.), McKnight, Paterson, and Zakrzewski on the Law of International Finance (2nd ed.), Oxford, Oxford University Press, 2017.
- Porter, T., Transnational Financial Regulation after the Crisis, London, New York, Routledge, Taylor and Francis Group, 2014.
- Schillig, M, Resolution and Insolvency of Banks and Financial Institutions, Oxford, Oxford University Press, 2016.
- Sciso, E., Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions, Cham, Springer, 2017. [e-book]
- Randall Henning, C., Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis, Oxford, Oxford University Press, 2017. [e-book]
- Tams, C.J. (et al.) (eds.), International Investment Law and the Global Financial Architecture, Cheltenham, Edward Elgar Publishing, 2017.
- Vasudev, P.M., and S. Watson (eds.), Global Capital Markets: A Survey of Legal and Regulatory Trends, Cheltenham, Edward Elgar Publishing, 2017.
- Weiss, F., and A.J. Kammel, The Changing Landscape of Global Financial Governance and the Role of Soft Law, Leiden, Brill Nijhoff, 2015.
- Wymeersch, E., K.J. Hopt and G. Ferrarini (eds.), Financial Regulation and Supervision: a Post-Crisis Analysis, Oxford, Oxford University Press, 2012.
- Zimmermann, C.D., A Contemporary Concept of Monetary Sovereignty, Oxford, Oxford University Press, 2013.
- Avi-Yonah, R.S. and Xu, H., “A Global Treaty Override? The New OECD Multilateral Tax Instrument and Its Limits”, University of Michigan Law School (March 17, 2017). [PDF]
- Azam, R., “Ruling the World: Generating International Tax Norms in the Era of Globalization and BEPS”, Suffolk University Law Review, 50 (2017), No. 4. [PDF]
- Barsan, I.M., “Legal Challenges of Initial Coin Offerings (ICP), Revue Trimestrielle de Droit Financier (RTDF), n° 3, 2017, No. 3, pp. 54-65. [PDF]
- Bianco, G., “How Neutral is the Law of Sovereign Debt Restructuring?”, European Society of International Law (ESIL) 2017, 13th Annual Conference & Research Forum (September 29, 2017. [PDF]
- Brummer, C., "How International Financial Law Works (and How It Doesn't)", Georgetown Law Journal, 99 (2010-11) pp. 257-327. [PDF]
- Chadwick, A., “Regulating Excessive Speculation: Commodity Derivatives and the Global Food Crisis”, International and Comparative Law Quarterly, 66 (2017), No.3, pp. 625-655. (e-article)
- Choi, S.J., (et al.), “Political Risk and Sovereign Debt Contracts”, Univ. of Chicago Institute for Law & Economics Olin Research Paper No. 583; U of Chicago, Public Law Working Paper No. 370, 2014. [PDF]
- Christians, A., and van Apeldoorn, L., “Taxing Income Where Value Is Created”, Florida Tax Review, 2018. [PDF] Mar.
- Feibelman, A., “Law in the Global Order: The IMF and Financial Regulation”, New York University Journal of International Law and Politics, 49 (2017), No. 3, pp. 687-745.
- Gortsos, C., “Legal Aspects of the European Central Bank (ECB) - The ECB within the European System of Central Banks (ESCB) and the European System of Financial Supervision (ESFS)”, April 2018. [PDF]
- Kubota, T., “Financial Stability Concern of the Extraterritorial Impacts Caused by the Recent US Financial Sanctions on Foreign Banks”, Japanese Yearbook of International Law, 59 (2017), pp.229-250.
- Latino, A., “The New Development Bank: Another BRICS in the Wall?”, in E. Scisco (ed.), Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions, Cham, Springer, 2017, pp. 47-69.
- Lienau, O., “Law in Hiding: Market Principles in the Global Legal Order”, Hastings Law Journal, 68 (2017), No. 3, pp. 541-606; Cornell Legal Studies Research Paper 18-01. [PDF] July
- Lupo-Pasini, F., “Financial Stability in International Law”, Melbourne Journal of International Law, 18 (2017), No. 1, pp. 45-70. [PDF]
- Lupo-Pasini, F., “Financial Disputes in International Courts”, Journal of International Economic Law, 21 (2018), No. 1, pp. 1-30. [e-article] Mar.
- Medhora, R.P., “Monetary Unions, Regional Financial Arrangements, and Central Bank Swap Lines: Bypasses to the International Monetary Fund?”, AJIL Unbound, 111 (2017), pp. 241-246.
- Meier, J.-M.A., “Regulatory Integration of International Capital Markets”, London Business School, Department of Finance, 2017. [PDF]
- Oei, Shu-Yi, “The Offshore Tax Enforcement Dragnet”, Emory Law Journal, 67 (2018), Forthcoming; Tulane Public Law Research Paper No. 17-2. [PDF]
- Paech, P., “Introduction: International Financial Law”, London School of Economics - Law Department, 2017. [PDF]
- Ringe, W.-G., “The Irrelevance of Brexit for the European Financial Market”, Oxford Legal Studies Research Paper No 10/2017, 2017. [PDF]
- Shaffer, G., and M. Waibel, “The Rise and Fall of Trade and Monetary Legal Orders: From the Interwar Period to Today’s Global Imbalances”, in G. Mallard and J. Sgard (eds.), Contractual Knowledge: One Hundred Years of Legal Experimentation, Cambridge, Cambridge University Press, 2016, pp. 289-323. [PDF]
- Stefano, C. de, “Reforming the Governance of International Financial Law in the Era of Post-Globalization”, Journal of International Economic Law, 20 (2017), No. 3, pp. 509-533. [e-article]
- Tsang, Chen-Yun, “Balancing the Governance of the Modern Financial Ecosystem: A New Governance Perspective and Implications for Market Discipline”, Houston Journal of International Law, 40 (2017-2018 ), No. 2, pp. 531-612. [e-article] July
- Wuerth, I.B., “Immunity from Execution of Central Bank Assets”, in T. Ruys (et al.) (eds.), The Cambridge Handbook of Immunities and International Law, Forthcoming, 2018. [PDF] Feb.
- Young, K., ”Finance: Risk and Progress”, in T. Hale and D. Held (et al.), Beyond Gridlock, Cambridge, Polity Press, 2017, pp. 28-47.
Periodicals, serial publications
- Butterworths Journal of International Banking and Financial Law
- International Financial Law Review
- Journal of International Banking Law and Regulation
- Journal of International Economic Law May 2018
1. Global Regulatory Standards and Secured Transactions Law Reforms: At the Crossroad between Access to Credit and Financial Stability
Keywords: International financial law, Regulation, Secured transactions, Credit, UNCITRAL Model Law on International Credit Transfers [Vienna, 1992],
Goldmann, M., and S. Steininger (eds.), Democracy and Financial Order: Legal Perspectives, Berlin, Springer, 2018. [e-book]View this title in our link resolver Plinklet
This book discusses the relationship between democracy and the financial order from various legal perspectives. Each of the nine contributions adopts a unique perspective on the legal and political challenges brought to the fore by the Global Financial Crisis. This crisis and the ensuing sovereign debt crisis in Europe are only the latest in a long series of financial crises around the globe in recent decades. By their very existence, but also as a result of the political turmoil they have created, these financial crises testify to the well-known tensions between democracy and a market-based economic and financial order. However, what is missing in this debate is an analysis of the role of law for reconciling democracy with a market-based financial order. To fill this lacuna, the book focuses on the controversy surrounding the concept of law, thereby adding another variable to the debate on the relation between democracy and capitalism. Each chapter addresses the concept of law from a particular theoretical angle, be it a full-grown legal theory or an approach in political economy that has a particular view of the law.
Newman, A.L., and E. Posner, Voluntary Disruptions : International Soft Law, Finance, and Power, Oxford, Oxford University Press, 2018. [e-book]View this title in our link resolver Plinklet
This book argues that international soft law is deeply political, shaping the winners and losers of globalization. Some observers focus on soft law's potential to solve problems and coordinate market participants. Voluntary Disruptions widens the discussion, shifting attention to the ways soft law provides new political resources to some groups while not to others and alters the sites of contestation and the actors who participate in them. Highlighting two mechanisms - legitimacy claims and arena expansion - the book explains how soft law, typically viewed as limited by its voluntary nature, disrupts and transforms the politics of economic governance.
Barton, U.A., Rethinking Regulation of International Finance: Law, Policy and Institutions, Wolters Kluwer, Alphen aan de Rijn, 2017.View this title in our link resolver Plinklet
Abstract: Rethinking Regulation of International Finance encapsulates the most important aspects of the development and operation of the international financial system. This book questions the fundamental basis of the existing international financial architecture (soft law) and explores the need for a compliance-based model based on legitimacy of regulations and accountability of the regulatory bodies in international financial stability. Why have financial standards and institutions almost always failed to effectively predict and respond to real-world financial crises? The answer, as this challenging book shows, is that international financial law suffers from a persistent lack of judicial or quasi-judicial enforcement mechanisms, leaving flaws in the structure of the international financial system that lead inevitably to excesses that threaten the public good of global financial stability. The author, an internationally renowned legal expert on financial and fiscal reforms, responds to the increasingly urgent call for rethinking the structure and the functioning of international financial law and argues that a resilient procedural mechanism with judicious regulatory substance can make the financial system safer for all actors, including the taxpayers of not only the Member States but also the unrepresented countries. To this end, the book suggests short-to-medium term reforms within the existing financial system and for longer-term it recommends an unconventional alternative that takes risk away from the market and thereby makes every stakeholder accountable to the system.
Randall Henning, C., Tangled Governance: International Regime Complexity, the Troika, and the Euro Crisis, Oxford, Oxford University Press, 2017.View this title in our link resolver Plinklet
Tangled Governance addresses the institutions that were deployed to fight the euro crisis, reestablish financial stability in Europe, and prevent contagion to the rest of the world. Henning explains why European leaders chose to include the International Monetary Fund (IMF) in the crisis response and provides a detailed account of the decisions of the institutions that make up the troika (the European Commission, European Central Bank, and IMF). He examines the institutions negotiating strategies, the outcomes of their interaction, and the effectiveness of their cooperation. The institutional strategies of key member states, including Germany and the United States, are also explored in this study. The book locates its analysis within the framework of regime complexity, involving clusters of overlapping and intersecting regional and multilateral institutions. It tests conjectures in the regime-complexity literature against the seven cases of financial rescues of euro area countries that were stricken by crises between 2010 and 2015. Tangled Governance concludes that states use some institutions to control others, that complexity is the consequence of a strategy to control agency drift. States mediate conflicts among institutions and thereby limit fragmentation of the regime complex and underpin substantive efficacy. In reaching these conclusions, the book also answers several key puzzles, including why Germany and other northern European countries supported IMF inclusion despite its adopting positions opposed to their preferences; why crisis fighting arrangements endured intense conflicts among the institutions; and, finally, why the United States and the IMF promoted further steps to complete the monetary union.
Vasudev, P.M., and S. Watson (eds.), Global Capital Markets: A Survey of Legal and Regulatory Trends, Cheltenham, Edward Elgar Publishing, 2017.View this title in our link resolver Plinklet
Capital markets are a continuous stream of activity and innovation. Constantly evolving and inherently dynamic, they give rise to complex regulatory and policy issues and offer rich material for analysis. Additionally, globalization has incentivized cross-border listings and international flows of capital. Global Capital Markets takes stock of recent trends and events by exploring their legal and regulatory implications across several jurisdictions from around the world. This book provides a critical analysis of current issues including investor activism, the challenges of cross-border regulatory enforcement and recent initiatives to empower shareholders to improve corporate governance. It also surveys longer-term trends such as the development of the nascent capital markets law in China over the last two decades and discusses the emerging issues from the increased use of dual class voting shares. Case studies draw on examples from nations such as the US, Canada, Europe, China, India and New Zealand. This book will appeal to students and academics in international corporate and securities law.
Pascalis, F. de, Credit Ratings and Market Over-Reliance: An International Legal Analysis, Leiden, Brill Nijhoff, 2017.View this title in our link resolver Plinklet
This book provides an in depth legal and regulatory analysis of the concept of over-reliance in the use of ratings and how regulation facilitates over-reliance, all while differentiating over-reliance from mere reliance on credit ratings. Not only does the book provide an incisive doctrinal analysis of the concept of over-reliance, it also considers over-reliance from a comparative and international perspective by reviewing legal and regulatory developments under European Union and US law and how over-reliance has been addressed in international financial regulation. It is one of the merits of this book that it has identified, in spite of the post-crisis regulatory reforms, how financial regulation continues to play a primary role in requiring investors to use ratings in their risk assessments and how it continues to influence banks and other financial institutions in calculating their regulatory capital and liquidity buffers.
Sciso, E., Accountability, Transparency and Democracy in the Functioning of Bretton Woods Institutions, Cham, Springer, 2017.View this title in our link resolver Plinklet
This book investigates the strengths and weaknesses – in terms of transparency and compliance with the democratic principle – of Bretton Woods Institutions, considering the most important innovations from the original framework achieved through the introduction of independent accountability and complaint mechanisms (the Inspection Panel and Independent Evaluation Office), but also due to relevant reforms in the internal governance of the International Monetary Fund and the new financial assistance tools. One of its main focuses is on evaluating the socio-economic impact of conditionality in the countries requiring financial assistance, acknowledging the need to strengthen social protection policies in the adjustment programs. In addition, emphasis is given to the effects of the “constitutionalization” of the Washington Consensus in the European Union, with the establishment of the so-called “Berlin-Brussels-Frankfurt Consensus.”
Tams, C.J. (et al.) (eds.), International Investment Law and the Global Financial Architecture, Cheltenham, Edward Elgar Publishing, 2017.View this title in our link resolver Plinklet
The global crises of the early 21st century have tested the international financial architecture. In seeking to ensure stability, governments have regulated financial and capital markets. This in turn has implicated international investment law, which investors have invoked as a shield against debt restructuring, bail-ins or bail-outs. This book explores whether investment law should protect against such regulatory measures, including where these have the support of multilateral institutions. It considers where the line should be drawn between legitimate regulation and undue interference with investor rights and, equally importantly, who draws it. Across the diverse chapters herein, expert international scholars assess the key challenges facing decision makers, analyse arbitral and treaty practice and evaluate ways towards a balanced system of investment protection in the financial sector. In doing so, they offer a detailed analysis of the interaction between investment protection and financial regulation in fields such as sovereign debt restructuring and bank rescue measures. Combining high-level analysis with a detailed assessment of controversial legal issues, this book will provide guidance for both academics and legal practitioners working in international economic law, international arbitration, investment law, international banking and financial law.
Paterson, S., and R. Zakrzewski (eds.), McKnight, Paterson, and Zakrzewski on the Law of International Finance (2nd ed.), Oxford, Oxford University Press, 2017.View this title in our link resolver Plinklet
This acclaimed and comprehensive work analyses the legal issues involved in international finance transactions operating under English law. The second edition thoroughly updates the book to take account of major developments in regulation, practice, and case law since the first edition published in 2008. The most notable development in the intervening period has been the global financial crisis of 2008-9, whose effects have profoundly changed the nature of international finance, and the new edition has been updated by a team of expert editors and contributors to reflect the post-crisis legal framework of international transactions. The new edition covers the many significant changes to Bank Regulation which have occurred since 2008. Major developments in conflicts of laws and cross-border insolvency are addressed, including the consequences of the decision in Rubin v Eurofinance. This edition also takes account of major litigation in the sovereign debt field, significant developments in the loan markets, and recent challenges with the provision of legal opinions, including the increasing need to provide opinions in cross-border transactions. Developments in financing structures in the aftermath of the financial crisis are examined. Significant litigation in the derivatives field (partly as a response to the collapse of Lehman Brothers Holdings Inc.) and amendments proposed by the International Swaps and Derivatives Association are also addressed. There is also coverage of further work on secured transactions following the Law Commission's and the City of London Law Society's Working Party's proposals.
Schillig, M, Resolution and Insolvency of Banks and Financial Institutions, Oxford, Oxford University Press, 2016.View this title in our link resolver Plinklet
This book provides a detailed analysis and critical assessment of the EU and US resolution regimes for banks and financial institutions on a comparative basis. The book analyses the EU legal framework under the Bank Recovery and Resolution Directive, and considers the challenges in national implementation through the two largest economies within the EU, Germany and the UK. The very influential laws of the US, (Securities Investor Protection Act 1970, and the Wall Street Reform and Consumer Protection Act: Dodd-Franck) are used as a comparative reference point. Through analysis of the new EU framework and of the more mature system in the US, the book considers whether and to what extent the EU framework and national regimes contribute to ensuring resolvability of financial institutions, how their efficacy may be increased with a view, in particular, to the resolution of cross border groups, and what the future may hold, especially in respect of a single European resolution authority.
Gleeson, S, and R. Guynn, Bank Resolution and Crisis Management: Law and Practice, Oxford, Oxford University Press, 2016.View this title in our link resolver Plinklet
The 2008 global financial crisis ushered in the biggest explosion in new bank regulation around the world since the Great Depression. Even more so than then, this new regulation has been coordinated on a global basis and reflects global standards as well as local idiosyncracies. Although governments and regulators have sought to put measures in place to prevent the failure of banks, they have acknowledged the need for measures to address what happens when banks fail or are threatened with failure and how to resolve such failure. Bank Resolution and Crisis Management: Law and Practice deals with the measures which European, U.S. and international law and policy makers have sought to put in place to deal with the threat of financial institutions failing, including enhanced supervision, early intervention and so called 'living wills'. Measures such as 'bail-out' (protecting private shareholders and creditors against losses) and 'bail-in' (imposing losses on shareholders and long-term creditors without causing contagion among short-term creditors) are discussed. The work includes comprehensive summaries and commentary on the EU Bank Recovery and Resolution Directive, the UK resolution laws including the Banking Act 2009 and amendments to that act, the Orderly Liquidation Authority under Title II of the U.S. Dodd-Frank Act, proposed new Chapter 14 to the U.S. Bankruptcy Code, and the bank resolution provisions of the U.S. Federal Deposit Insurance Act. The book also provides detailed commentary on the provisions in the Banking Act 2009 dealing with resolution, including discussion of the stabilisation, bank administration and insolvency powers. This includes analysis of secondary legislation such as the Partial Transfers Order. Special emphasis is given to the practical effect of such measures on financial transactions and their impact on arrangements, such as netting and set-off. There is also commentary on the Financial Services Investor Compensation Scheme and its role in returning money to the depositors in a failing bank. The special position of failing investment banks is also a feature of the book. Coverage includes analysis of the legislation adopted to address the particular issues that arose in the failure of Lehman Brothers and the resulting litigation, particularly that relating to the recovery of client assets.
Boccuzzi, G., The European Banking Union: Supervision and Resolution, Basingstoke, Hampshire, Palgrave Macmillan, 2016.View this title in our link resolver Plinklet
This volume examines the numerous changes to European legislation implemented for the prevention and management of banking crises. It examines the new framework for banking crises management, the institutional architecture of banking supervision and crisis management, the various powers of different authorities, tool for administrative actions, complexities of business and bankruptcy law, individual rights and legal guarantees.
Vultures Swooping on Debt Carcasses
Vulture funds are an aspect of sovereign debt, which has become an increasingly important topic in the aftermath of the current crisis. In this third blog in a series of Peace Palace Library Blogs about the Global Financial Crisis, I will highlight the ‘problem’ of vulture funds. What happened with vulture funds in the Argentina case and will it set a precedent for the rest of the (developing) world? Why do these vultures like debt carcasses so much?Read more
Tax Havens: Sunny Islands?
‘A tropical, sunny island’, like Cayman, is the first thing that pops on our minds when we think of tax havens. Tropical islands are well-known for secrecy jurisdictions. But are they the only players in the so called ‘secrecy game’? And do tax havens influence the current global financial crisis? Are they worth a holiday?Read more
Cyprus Crisis: Troika go Home?
Lately everyone is turning their eyes to Cyprus. The small Mediterranean country is the latest victim of Europe’s debt crisis, in which several members of the Eurozone were brought to the brink of bankruptcy by a combination of highly indebted banks and unsustainable sovereign debts. Last month, a troika of the European Commission, the European Central Bank and the International Monetary Fund agreed on a rescue plan in respond to Cyprus’ need for a bailout.Read more
P.R.I.M.E. Finance : Open for business!
On 16 January 2012, the P.R.I.M.E. Finance Foundation has started its activities with an opening conference followed by seminars on Dispute Resolution in the Financial Markets in the Peace Palace in The Hague. The Foundation oversees the activities of its Panel of Recognized International Market Experts in Finance (P.R.I.M.E. Finance), chosen for their relevant experience in financial market practice or […]Read more
Germany and Liechtenstein: Tax Evasion Dispute!
The German Federal Intelligence Service paid an informant some 5 million euros for a list with the names of account holders from a Liechtenstein Bank. German investigations thereupon revealed a massive tax evasion scandal! Hundreds of people in Germany are suspected of having stashed away millions of euro in Liechtenstein to escape taxes in Germany.
The tiny Alpine principality of Liechtenstein, a major European tax haven, accused the Germans of attacking its sovereignty and of breaking the law by buying secret (stolen) data and sending in spies to uncover the scandal.
The OECD in Paris criticized the Liechtenstein practice of allowing foreigners to open trusts there anonymously by registering them through a local attorney or trustee.
The policy of “excessive” secrecy of banks in Liechtenstein might have attracted many rich people and more countries are interested in the data bought by the German intelligence agents.
Interestingly a lot of literature on Liechtenstein is about financial matters, trusts, anti-money laundering issues and the transparency of its fiscal regime. Read more on Liechtensteinand its special place in Europe.Read more