Liechtenstein: a maggot in the bacon.

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This is a great article from the New York Times in 2000.

Back then it could report that:

Banks and fiduciaries are now required to identify clients and the source of their money; suspicious movements of funds must be reported; legal assistance to criminal investigators abroad is guaranteed.

Yet when financial inspectors from the Council of Europe visited Liechtenstein in September, they came to very different conclusions. To lift bank secrecy, they found that requests must pass 12 appeal levels. They also found that the office for investigating bank reports of suspicious money has five overworked employees.

So to learn where suspicious money comes from, the banks simply ask their clients. ''The examiners fail to see how 'tipping off' in such circumstances can be avoided,'' the inspectors politely concluded in their report.

Peter Csonka, the team's secretary, said Liechtenstein had 80,000 trust companies -- almost 3 for every citizen -- as well as 280 lawyers and 80 trustees, most of whom ''are in some business where the purpose is not totally clear.'' Financial policing, he said, ''equals zero.''

Do I imagine much has changed? No, I don't.

And this, by the way, was the year when the Center for Freedom and Prosperity was lauding the place.