Liechtenstein has recently announced its intention to strengthen banking regulations and move away from its reputation as a "tax haven." This decision is in response to international pressure and aims to enhance financial transparency.

Prince Alois is expected to reveal specific measures soon, which will make it more challenging for wealthy foreigners to hide their assets in Liechtenstein's banks. Prime Minister Otmar Hasler has emphasized the importance of abandoning bank secrecy at this time.

The new regulations will not have a retroactive effect on individuals who have previously concealed their wealth in Liechtenstein. To facilitate a smooth transition, an interim period will be established, allowing current bank customers to be notified and transfer their funds before the new laws come into effect.

This move comes amidst increasing tensions with German authorities, who have uncovered a significant number of wealthy Germans with accounts in Liechtenstein following the leak of data from a former bank employee. These revelations have exposed a much larger network of hidden wealth than was previously known.