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FT.com / Home UK / UK - The money heads for Panama and Singapore: "By Vanessa Houlder in London and Haig Simonian in Zurich
Published: August 16 2008 03:00 | Last updated: August 16 2008 03:00
Tax dodgers are transferring money from Liechtenstein to Panama, Singapore and other secretive offshore centres, intelligence from foreign tax authorities shows.
One official said the switch had been prompted by the greater focus on evasion after the theft of client details from LGT and Liechtensteinische Landesbank.
The banks themselves have said little about the extent of outflows from the principality. LGT revealed earlier this year it had suffered only limited damage. However, updated information when the two banking groups report first-half results later this month should show accelerated withdrawals, according to some local financiers."