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Billionaire Tax Haven Liechtenstein Loses on Bank Reforms

Liechtenstein, a principality once fabled for its banking secrecy laws, is losing its perch as one of the world’s top tax havens for the richest people on Earth.

The Alpine nation eliminated its banking secrecy laws four years ago under pressure from the U.S. and the European Union, sending clients to other jurisdictions and forcing one of Europe’s oldest banking hubs to recast its image.