Banking secrecy

The express and far-reaching protection of the banking secrecy can be found in Art. 14 BankG [Banking Law] in the current banking law. Both the bodies of the banks as well as their employees are bound to the banking secrecy for an unlimited period of time with this provision. The banking secrecy refers to the personal data of the customers, the type of account management, the internal orders of the customers, the signature cards, the type of despatch, etc. Art. 14 Abs. 2 BankG further also obliges the representatives of official authorities to safeguard the banking secrecy as an official secrecy in their official activity. Each breach of the banking secrecy is liable to prosecution and will be punished accordingly.

The banking secrecy is breached in inheritance law from the property acquisition of the heirs, in the event of execution measures on claims for money or physical objects which are in the custody of the bank within the framework of a third party debtor declaration (in both cases insofar as the testator kept the accounts in his personal name), in criminal procedural law, under certain circumstances in mutual judicial assistance proceedings in criminal cases, not however in civil procedural law or in fiscal law, nor with mutual judicial assistance in fiscal cases, as such will not be granted.

The bank customer in Liechtenstein can be guaranteed a high level of protection of secrecies with these provisions. Nevertheless, the necessary protection against the improper use of the banking and financial centre Liechtenstein for the transfer or laundering of criminal monies should be guaranteed which is why the banking secrecy is relativised in one decisive point, in fact in criminal prosecution proceedings. The banking secrecy is guaranteed in fiscal cases, both towards the tax authorities in Liechtenstein as well as within the framework of mutual judicial assistance.