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Peer Review Report - Phase 1: Liechtenstein 2011

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  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

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    FJBHNJ EBXSL BD ]XNDPYNXCD@Q NDM C[@KNDFC

    BE ADEBXLN]ABD EBX ]N[ YSXYBPCP

    Yccx Xcuacv Xcybx}Yknpc >Jcfnj ndm Xcfsjn}bxq Exnlcvbxg

    JAC@K]CDP]CAD

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

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  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

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    Fjbhnj Ebxslbd ]xndpynxcd`q

    ndm C{`kndfcbe Adebxln}abd ebx ]n{

    Ysxybpcp Yccx Xcuacvp?Jac`k}cdp}cad 89>>

    YKNPC >

    Nsfsp} 89>>+xcejc`}adf }kc jcfnj ndm xcfsjn}bxq exnlcvbxg

    np n} Lnq 89>>!

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

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    ]kap vbxg ap yshjapkcm bd }kc xcpybdpahaja}q be }kc Pc`xc}nxq,Fcdcxnj be }kc BC@M$

    ]kc byadabdp c{yxcppcm ndm nxfslcd}p clyjbqcm kcxcad mb db} dc`cppnxajq xcejc`}

    }kc beea`anj uacvp be }kc BC@M bx be }kc fbucxdlcd}p be a}p lclhcx `bsd}xacp bx

    }kbpc be }kc Fjbhnj Ebxsl bd ]xndpynxcd`q ndm C{`kndfc be Adebxln}abd ebx ]n{

    Ysxybpcp$

    APHD 16;,18,5=,>>6;3,0 +yxad}!APHD 16;,18,5=,>>6;5,9 +YME!

    Pcxacp? Fjbhnj Ebxsl bd ]xndpynxcd`q ndm C{`kndfc be Adebxln}abd ebx ]n{ Ysxybpcp? Yccx XcuacvpAPPD 88>1,=5;> +yxad}!

    APPD 88>1,=51[ +bdjadc!

    ]kap mb`slcd} ndm ndq lny ad`jsmcm kcxcad nxc va}kbs} yxcosma`c }b }kc p}n}sp be bx pbucxcafd}q bucx ndq

    }cxxa}bxq* }b }kc mcjala}n}abd be ad}cxdn}abdnj exbd}acxp ndm hbsdmnxacp ndm }b }kc dnlc be ndq }cxxa}bxq* `a}q bx

    nxcn$

    @bxxafcdmn }b BC@M yshja`n}abdp lnq hc ebsdm bd jadc n}? vvv$bc`m$bxf"yshjapkadf"`bxxafcdmn$

    Xcuapcm ucxpabd* Pcy}clhcx 89>>$Mc}naj be xcuapabdp nunajnhjc n}? k}}y?""vvv$bc`m$bxf"mn}nbc`m"80"9"=;559=1>$yme

    BC@M 89>>

    Qbs `nd `byq* mbvdjbnm bx yxad} BC@M `bd}cd} ebx qbsx bvd spc* ndm qbs `nd ad`jsmc c{`cxy}p exbl BC@M

    yshja`n}abdp* mn}nhnpcp ndm lsj}alcman yxbms`}p ad qbsx bvd mb`slcd}p* yxcpcd}n}abdp* hjbfp* vchpa}cp ndm}cn`kadf ln}cxanjp* yxbuamcm }kn} psa}nhjc n`gdbvjcmflcd} be BC@M np pbsx`c ndm `byqxafk} bvdcx ap faucd$

    Njj xc~scp}p ebx yshja` bx `bllcx`anj spc ndm }xndpjn}abd xafk}p pkbsjm hc pshla}}cm }b xafk}pIbc`m$bxf

    Xc~scp}p ebx ycxlappabd }b ykb}b`byq ybx}abdp be }kap ln}cxanj ebx yshja` bx `bllcx`anj spc pknjj hc nmmxcppcm

    maxc`}jq }b }kc @byqxafk} @jcnxnd`c @cd}cx +@@@! n} adebI`byqxafk}$`bl bx }kc @cd}xc exndnap mc{yjba}n}abd msmxba} mc byac +@E@! n} `bd}n`}I`e`byacp$`bl $

    Yjcnpc `a}c }kap yshja`n}abd np?

    BC@M +89>>!* Fjbhnj Ebxsl bd ]xndpynxcd`q ndm C{`kndfc be Adebxln}abd ebx ]n{ Ysxybpcp Yccx

    Xcuacvp? Jac`k}cdp}cad 89>>? Yknpc >? Jcfnj ndm Xcfsjn}bxq Exnlcvbxg* Fjbhnj Ebxsl bd

    ]xndpynxcd`q ndm C{`kndfc be Adebxln}abd ebx ]n{ Ysxybpcp? Yccx Xcuacvp* BC@M

    Yshjapkadf$

    k}}y?""m{$mba$bxf">9$>6;6"16;185=>>6;59,cd

    http://localhost/var/www/apps/conversion/releases/20121107221618/tmp/scratch_3/http://localhost/var/www/apps/conversion/releases/20121107221618/tmp/scratch_3/
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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    ]NHJC BE @BD]CD]P 0

    ]nhjc be @bd}cd}p

    Nhbs} }kc Fjbhnj Ebxsl $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 3

    C{c`s}auc psllnxq $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 6

    Ad}xbms`}abd $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 1

    Adebxln}abd ndm lc}kbmbjbfq spcm ebx }kc yccx xcuacv be Jac`k}cdp}cad $ $ $ $ $ $ $ 1Bucxuacv be Jac`k}cdp}cad $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ >9Xc`cd} mcucjbylcd}p $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ >3

    @blyjand`c va}k }kc P}ndmnxmp $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $>6

    N$ Nunajnhaja}q be adebxln}abd$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $>6

    Bucxuacv $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $>6N$>$ Bvdcxpkay ndm amcd}a}q adebxln}abd $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $>;N$8$ N``bsd}adf xc`bxmp $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ =5N$0$ Hndgadf adebxln}abd $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 35

    H$ N``cpp }b Adebxln}abd $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 31

    Bucxuacv $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 31H$>$ @blyc}cd} Ns}kbxa}qp nhaja}q }b bh}nad ndm yxbuamc adebxln}abd $ $ $ $ $ $ $ $ 59H$8$ Db}aea`n}abd xc~saxclcd}p ndm xafk}p ndm pnecfsnxmp$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 5;

    @$ C{`kndfadf Adebxln}abd $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 6>

    Bucxuacv $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 6>@$>$ C{`kndfc be adebxln}abd lc`kndaplp $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 68@$8$ C{`kndfc be adebxln}abd lc`kndaplp va}k njj xcjcund} ynx}dcxp $ $ $ $ $ $ $ $ 66@$0$ @bdeamcd}anja}q $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ 61@$=$ Xafk}p ndm pnecfsnxmp be }n{ynqcxp ndm }kaxm ynx}acp$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ;9@$3$ ]alcjadcpp be xcpybdpcp }b xc~scp}p ebx adebxln}abd $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ;8

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    = ]NHJC BE @BD]CD]P

    Psllnxq be Mc}cxladn}abdp ndm En`}bxp Sdmcxjqadf Xc`bllcdmn}abdp$ $ $ $ ;3

    Nddc{ >? Osxapma`}abdp Xcpybdpc }b }kc Xcuacv Xcybx} $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ;1

    Nddc{ 8? Jap} be njj C{`kndfc,be,Adebxln}abd Lc`kndaplp ad Ebx`c$ $ $ $ $ $ $ $ 1>Nddc{ 0? Jap} be njj Jnvp* Xcfsjn}abdp ndm B}kcx Xcjcund} Ln}cxanj $ $ $ $ $ $ $ 18

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    Nhbs} }kc Fjbhnj Ebxsl

    ]kc Fjbhnj Ebxsl bd ]xndpynxcd`q ndm C{`kndfc be Adebxln}abd ebx ]n{Ysxybpcp ap }kc lsj}ajn}cxnj exnlcvbxg va}kad vka`k vbxg ad }kc nxcn be }n{}xndpynxcd`q ndm c{`kndfc be adebxln}abd ap `nxxacm bs} hq bucx >99 osxapma`,

    }abdp vka`k ynx}a`ayn}c ad }kc Fjbhnj Ebxsl bd nd c~snj ebb}adf$]kc Fjbhnj Ebxsl ap `knxfcm va}k ad,mcy}k lbda}bxadf ndm yccx xcuacv be

    }kc alyjclcd}n}abd be }kc ad}cxdn}abdnj p}ndmnxmp be }xndpynxcd`q ndm c{`kndfcbe adebxln}abd ebx }n{ ysxybpcp$ ]kcpc p}ndmnxmp nxc yxalnxajq xcejc`}cm ad }kc8998 BC@M Lbmcj Nfxcclcd} bd C{`kndfc be Adebxln}abd bd ]n{ Ln}}cxpndm a}p `bllcd}nxq* ndm ad Nx}a`jc 85 be }kc BC@M Lbmcj ]n{ @bducd}abd bdAd`blc ndm bd @nya}nj ndm a}p `bllcd}nxq np symn}cm ad 899=* vka`k knp hccdad`bxybxn}cm ad }kc SD Lbmcj ]n{ @bducd}abd$

    ]kc p}ndmnxmp yxbuamc ebx ad}cxdn}abdnj c{`kndfc bd xc~scp} be ebxcpccnhjqxcjcund} adebxln}abd ebx }kc nmladap}xn}abd bx cdebx`clcd} be }kc mblcp}a` }n{jnvp be n xc~scp}adf ynx}q$ Eapkadf c{ycma}abdp nxc db} ns}kbxapcm hs} njj ebxc,pccnhjq xcjcund} adebxln}abd lsp} hc yxbuamcm* ad`jsmadf hndg adebxln}abdndm adebxln}abd kcjm hq eams`anxacp* xcfnxmjcpp be }kc c{ap}cd`c be n mblcp}a`}n{ ad}cxcp} bx }kc nyyja`n}abd be n msnj `xaladnja}q p}ndmnxm$

    Njj lclhcxp be }kc Fjbhnj Ebxsl* np vcjj np osxapma`}abdp amcd}aeacm hq}kc Fjbhnj Ebxsl np xcjcund} }b a}p vbxg* nxc hcadf xcuacvcm$ ]kap yxb`cppap sdmcx}ngcd ad }vb yknpcp$ Yknpc > xcuacvp nppcpp }kc ~snja}q be osxapma`,}abdp jcfnj ndm xcfsjn}bxq exnlcvbxg ebx }kc c{`kndfc be adebxln}abd* vkajcYknpc 8 xcuacvp jbbg n} }kc yxn`}a`nj alyjclcd}n}abd be }kn} exnlcvbxg$ PblcFjbhnj Ebxsl lclhcxp nxc sdmcxfbadf `blhadcm Yknpc > yjsp Yknpc 8 xcuacvp$ ]kc Fjbhnj Ebxsl knp njpb ys} ad yjn`c n yxb`cpp ebx psyyjclcd}nxqxcybx}p }b ebjjbv,sy bd xc`bllcdmn}abdp* np vcjj np ebx }kc bdfbadf lbda}bx,adf be osxapma`}abdp ebjjbvadf }kc `bd jspabd be n xcuacv$ ]kc sj}aln}c fbnj ap}b kcjy osxapma`}abdp }b ceec`}aucjq alyjclcd} }kc ad}cxdn}abdnj p}ndmnxmp be}xndpynxcd`q ndm c{`kndfc be adebxln}abd ebx }n{ ysxybpcp$

    Njj xcuacv xcybx}p nxc yshjapkcm bd`c nyyxbucm hq }kc Fjbhnj Ebxsl ndm}kcq }ksp xcyxcpcd} nfxccm Fjbhnj Ebxsl xcybx}p$

    Ebx lbxc adebxln}abd bd }kc vbxg be }kc Fjbhnj Ebxsl bd ]xndpynxcd`qndm C{`kndfc be Adebxln}abd ebx ]n{ Ysxybpcp* ndm ebx `byacp be }kc yshjapkcm

    xcuacv xcybx}p* yjcnpc xcecx }b vvv$bc`m$bxf"}n{"}xndpynxcd`q$

    NHBS] ]KC FJBHNJ EBXSL 3

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  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    C[C@S]AUC PSLLNXQ 6

    C{c`s}auc psllnxq

    >$ ]kap xcybx} psllnxapcp }kc jcfnj ndm xcfsjn}bxq exnlcvbxg ebx }xndp,ynxcd`q ndm c{`kndfc be adebxln}abd ebx }n{ ysxybpcp ad Jac`k}cdp}cad$

    8$ Jac`k}cdp}cad `blla}}cm }b }kc ad}cxdn}abdnj p}ndmnxmp be }xndpynx,cd`q ndm c{`kndfc be adebxln}abd ebx }n{ ysxybpcp bd >8 Lnx`k 8991 ndmpad`c }kcd a} knp hccd n`}aucjq cdfnfcm ad mcucjbyadf n dc}vbxg be ad}cxdn,}abdnj nfxcclcd}p vka`k njjbv ebx c{`kndfc be adebxln}abd ebx }n{ ysxybpcp$]kap knp jcm }b pafdadf be 88> nfxcclcd}p pad`c }kn} }alc* }ngadf }kc }b}nj }b80 nfxcclcd}p vka`k yxbuamc ebx ad}cxdn}abdnj c{`kndfc be adebxln}abd ad }n{ln}}cxp$ Ad fcdcxnj* }kcpc xc`cd} nfxcclcd}p yxbuamc ebx c{`kndfc be adebxln,}abd }b }kc ad}cxdn}abdnj p}ndmnxmp ndm >8 nxc `sxxcd}jq ad ebx`c$ Dcucx}kcjcpp*pblc osxapma`}abdp knuc xcybx}cm }kn} }kcq knuc nyyxbn`kcm Jac`k}cdp}cadxc~scp}adf }b cd}cx ad}b }n{ adebxln}abd c{`kndfc nfxcclcd}p hs} knuc knmpblc maeea`sj}acp yxbfxcppadf dcfb}an}abdp$ Jac`k}cdp}cadp ns}kbxa}acp knucadma`n}cm }kn} }kcq yxcecx }b cp}nhjapk M]@p* hs} }kcq nxc xcnmq }b pafd ]ACNpva}kbs} ndq `bdma}abdp$

    0$ Adebxln}abd bd }kc bvdcxpkay be blyndacp +b}kcx }knd }kbpc kbjmadfhcnxcx pknxcp!* ynx}dcxpkayp* ebsdmn}abdp* cp}nhjapklcd}p +Ndp}nj}! ap nunaj,nhjc$ Kbvcucx* }kc nunajnhaja}q be adebxln}abd bd njj be }kc hcdcea`anxacp be}xsp}p bx }xsp} cd}cxyxapcp +]}xcssd}cxdcklcd! ap db} cdpsxcm$ Nd}a,lbdcqjnsdmcxadf jcfapjn}abd mbcp cdpsxc nunajnhaja}q be adebxln}abd bd hcdcea`anxacpbe }xsp}p ndm }xsp} cd}cxyxapcp* ae }kcq kbjm lbxc }knd n 83# ad}cxcp} ad ps`kcd}a}acp$ Ebx ebxcafd `blyndacp xcpamcd} ebx }n{ ysxybpcp ad Jac`k}cdp}cad*

    adebxln}abd ap bdjq nunajnhjc sdmcx }kc }n{ jnv bd }kbpc bvdcxp vkb nxc}n{nhjc ad Jac`k}cdp}cad$ @bd`cxdp nxc c{yxcppcm nhbs} }kc nunajnhaja}q bebvdcxpkay adebxln}abd bd `blyndacp ad }kc nhpcd`c be nmc~sn}c cdebx`clcd}yxbuapabdp cdpsxadf }kc lnad}cdnd`c be pknxc xcfap}cxp hq `blyndacp$

    >$ @bdpap}adf be = mbshjc }n{n}abd `bducd}abdp +M]@p! ndm >; }n{ adebxln}abd c{`kndfc

    nfxcclcd}p +]ACNp!$ Nmma}abdnjjq* n ]ACN va}k }kc Sda}cm P}n}cp vnp pafdcm ad

    Mc`clhcx 899;$ Jac`k}cdp}cad njpb knp M]@p va}k Nsp}xan ndm Pva}zcxjndm* hs}

    }kcpc mb db} `bd}nad yxbuapabdp njjbvadf ebx ad}cxdn}abdnj c{`kndfc be adebxln}abd$

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    ; C[C@S]AUC PSLLNXQ

    =$ Jac`k}cdp}cad njjbvp ebx }kc appsnd`c be hcnxcx pknxcp hs} }kc lc`kn,daplp ad yjn`c }b njjbv }kc amcd}aea`n}abd be }kc bvdcxp be ps`k pknxcp nxc db}pseea`acd}$ Msc majafcd`c jcfapjn}abd ap nyyja`nhjc vka`k alybpcp n xc~saxc,lcd} }b amcd}aeq }kc bvdcxp be ps`k pknxcp ad lndq `npcp hs} a} ap ejnvcm ad

    }kn} a} mbcp db} yxbuamc n lc`kndapl ebx amcd}aeqadf }kc bvdcxp$

    3$ Vkajc esjj n``bsd}adf xc`bxmp ndm nppb`an}cm sdmcxjqadf mb`slcd,}n}abd lsp} hc lnad}nadcm hq mblcp}a` np vcjj np ebxcafd cd}a}acp `nxxqadfbd `bllcx`anj n`}aua}acp* n``bsd}adf adebxln}abd ad `bdebxla}q va}k }kcad}cxdn}abdnj p}ndmnxmp ap db} xc~saxcm }b hc lnad}nadcm hq njj cd}a}acp }kn}nxc db} cdfnfcm ad `bllcx`anj n`}aua}acp ps`k np }xsp}p* }xsp} cd}cxyxapcp ndmcp}nhjapklcd}p$ Esx}kcx* }kc ycxabm be }alc ebx xc}cd}abd be n``bsd}adf xc`bxmp

    ycx}nadadf }b pblc `n}cfbxacp be cd}a}acp db} cdfnfcm ad `bllcx`anj n`}aua}acpap db} pyc`aeacm ad jnv$

    5$ Ad xcpyc`} be n``cpp }b adebxln}abd* }kc xc`cd}jq `xcn}cm mblcp}a`exnlcvbxg faucp }kc Eap`nj Ns}kbxa}q p}xbdf ybvcxp }b n``cpp ndm c{`kndfcadebxln}abd va}k a}p ebxcafd `bsd}cxynx}p$ Kbvcucx* }kc neec`}cm ynx}q ap adnjj `npcp }b hc db}aeacm be }kc ad}cxdn}abdnj xc~scp} ebx adebxln}abd* ndm }kaplnq sdmsjq yxcucd} bx mcjnq }kc ceec`}auc c{`kndfc be adebxln}abd ad sxfcd}`npcp$

    6$ Jac`k}cdp}cadp xcpybdpc }b }kc `bd jspabdp ndm xc`bllcdmn}abdp ad}kap xcybx}* np vcjj np a}p yxn`}a`nj alyjclcd}n}abd be }kc jcfnj exnlcvbxg* vajjhc nppcppcm msxadf }kc Yknpc 8 Yccx Xcuacv* p`kcmsjcm ebx }kc pc`bdm knje be

    89>8* yxbuamcm }kn} Jac`k}cdp}cad }ngcp }kc dc`cppnxq lcnpsxcp }b nmmxcpp }kcmcea`acd`acp amcd}aeacm xcfnxmadf nunajnhaja}q be n``bsd}adf adebxln}abd ndm}ngcp pafdaea`nd} p}cyp }b nmmxcpp }kc mcea`acd`acp amcd}aeacm xcfnxmadf nunaj,nhaja}q be bvdcxpkay adebxln}abd$ Ad }kc lcnd}alc* n ebjjbv sy xcybx} bd }kcp}cyp sdmcx}ngcd hq Jac`k}cdp}cad }b ndpvcx }kc xc`bllcdmn}abdp lnmc ad}kap xcybx} pkbsjm hc yxbuamcm }b }kc YXF va}kad pa{ lbd}kp be }kc nmby}abd be}kap xcybx}$

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    AD]XBMS@]ABD 1

    Ad}xbms`}abd

    Adebxln}abd ndm lc}kbmbjbfq spcm ebx }kc yccx xcuacv be Jac`k}cdp}cad

    ;$ ]kc nppcpplcd} be }kc jcfnj ndm xcfsjn}bxq exnlcvbxg be }kcYxad`aynja}q be Jac`k}cdp}cad +kcxcadne}cx Jac`k}cdp}cad! vnp hnpcm bd }kcad}cxdn}abdnj p}ndmnxmp ebx }xndpynxcd`q ndm c{`kndfc be adebxln}abd npmcp`xahcm ad }kc Fjbhnj Ebxslp ]cxlp be Xcecxcd`c* ndm vnp yxcynxcm spadf}kc Fjbhnj EbxslpLc}kbmbjbfq ebx Yccx Xcuacvp ndm Dbd,Lclhcx Xcuacvp$]kc nppcpplcd} vnp hnpcm bd adebxln}abd nunajnhjc }b }kc nppcpplcd} }cnlad`jsmadf }kc jnvp* xcfsjn}abdp* ndm c{`kndfc be adebxln}abd nxxndfclcd}pad ebx`c bx ceec`} np n} Lnq 89>>* Jac`k}cdp}cadp xcpybdpcp }b }kc Yknpc >~scp}abddnaxc ndm psyyjclcd}nxq ~scp}abdp* adebxln}abd psyyjacm hq ynx}dcxosxapma`}abdp ndm b}kcx xcjcund} pbsx`cp$

    1$ ]kc ]cxlp be Xcecxcd`c hxcngp mbvd }kc p}ndmnxmp be }xndpynxcd`qndm c{`kndfc be adebxln}abd ad}b >9 cppcd}anj cjclcd}p ndm 0> cdslcx,n}cm npyc`}p sdmcx }kxcc hxbnm `n}cfbxacp? +N! nunajnhaja}q be adebxln}abd7+H! n``cpp }b adebxln}abd7 ndm +@! c{`kndfc be adebxln}abd$ ]kap xcuacvnppcppcp Jac`k}cdp}cadp jcfnj ndm xcfsjn}bxq exnlcvbxg nfnadp} }kcpc cjc,lcd}p ndm cn`k be }kc cdslcxn}cm npyc`}p$ Ad xcpyc`} be cn`k cppcd}anj cjc,lcd} n mc}cxladn}abd ap lnmc }kn}? +a! }kc cjclcd} ap ad yjn`c7 +aa! }kc cjclcd}ap ad yjn`c hs} `cx}nad npyc`}p be }kc jcfnj alyjclcd}n}abd be }kc cjclcd} dccmalyxbuclcd}7 bx +aaa! }kc cjclcd} ap db} ad yjn`c$ ]kcpc mc}cxladn}abdp nxc

    n``blyndacm hq xc`bllcdmn}abdp ebx alyxbuclcd} vkcxc xcjcund}$ N psl,lnxq be }kc eadmadfp nfnadp} }kbpc cjclcd}p ap pc} bs} bd ynfcp ;3,;6 be }kapxcybx}$

    >9$ ]kc nppcpplcd} vnp `bdms`}cm hq n }cnl vka`k `bdpap}cm be }vb c{ycx}nppcppbxp ndm bdc xcyxcpcd}n}auc be }kc Fjbhnj Ebxsl Pc`xc}nxan}? Lp$ Pnxa}n mcFcsp* Pcdabx Ybja`q Nmuapbx* Ad}cxdn}abdnj ]n{ Jnv n} }kc Maxc`}bxn}c,Fcdcxnjebx }kc ]n{ ndm @sp}blp Nmladap}xn}abd be }kc Dc}kcxjndmp Ladap}xq be Eadnd`cndm Lx$ Lsp}sykn Lbpneccx* Maxc`}bx* Lnsxa}asp Xcucdsc Ns}kbxa}q* Lnsxa}asp7va}k Lx$ Pndoccu Pknxln exbl }kc Pc`xc}nxan} }b }kc Fjbhnj Ebxsl$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    12/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    >9 AD]XBMS@]ABD

    Bucxuacv be Jac`k}cdp}cad

    >>$ Jac`k}cdp}cad ap pa}sn}cm hc}vccd Nsp}xan ndm Pva}zcxjndm$ A} ap }kcebsx}k plnjjcp} P}n}c ad Csxbyc va}k nd nxcn be >59gl8$ ]kc `nya}nj ap Unmsz$Jac`k}cdp}cadp >> lsda`aynja}acp knuc n }b}nj ybysjn}abd be dcnxjq 05 999*lngadf a} bdc be }kc vbxjmp jcnp} ybysjbsp `bsd}xacp8$ Jac`k}cdp}cadp beea`anjjndfsnfc ap Fcxlnd$

    >8$ Pad`c }kc `bd`jspabd be n @sp}blp }xcn}q ad >180* Jac`k}cdp}cad knpebxlcm n `bllbd c`bdbla` nxcn va}k Pva}zcxjndm$ Jac`k}cdp}cad mbcp db}knuc a}p bvd @cd}xnj Hndg ndm }kc Pvapp exnd` +@KE! ap }kc beea`anj `sxxcd`qbe Jac`k}cdp}cad +@KE > < CSX 9$6; np n} >3 Mc`clhcx 89>9!$ Jac`k}cdp}cadknp hccd n lclhcx be }kc Csxbycnd C`bdbla` Nxcn +CCN! pad`c >113$

    >0$ Jac`k}cdp}cad ap n kafkjq admsp}xanjapcm `bsd}xq va}k n vcjj maucxpaeacmc`bdblq `bdpap}adf be n jnxfc dslhcx be plnjj hspadcppcp$ Pcxua`cp `bdp}a}s}cnhbs} 3=# be fxbpp mblcp}a` yxbms`} +FMY!* vka`k vnp SPM =$5 hajjabd ad8996$ Jac`k}cdp}cad knp }kc pc`bdm kafkcp} fxbpp mblcp}a` yxbms`} ycx ycxpbdad }kc vbxjm* n} SPM >88 >99 ad 8996$0 Ad 8996* 36# be a}p clyjbqccp vbxgcmad }kc `bllcx`anj ndm pcxua`cp pc`}bx$ Admsp}xq ndm lndsen`}sxadf `bd}xahs}cpn 01# pknxc be FMY=* va}k }kc eadnd`anj pcxua`cp pc`}bx `bd}xahs}adf nhbs}09# }b Jac`k}cdp}cadp FMY$3 ]kcpc pcxua`cp nxc lnadjq beecxcm ad }kc nxcnpbe yxaun}c nppc} lndnfclcd}* ad}cxdn}abdnj nppc} p}xs`}sxadf* aducp}lcd} esdmpndm adpsxnd`c$ Dbd,xcpamcd} hspadcpp bdp}a}s}cp lbxc }knd 19# be }kc yxaun}c

    hndgadf n`}aua}acp `bdms`}cm ad Jac`k}cdp}cad5

    $ Jac`k}cdp}cadp gcq }xnmadfynx}dcxp +ad bxmcx! nxc Pva}zcxjndm* Nsp}xan* Fcxlndq* }kc Sda}cm P}n}cp*Exnd`c* A}njq ndm }kc Sda}cm Gadfmbl$

    >=$ ]kc ps``cppesj dn}abdnj c`bdblq be Jac`k}cdp}cad knp xcpsj}cm ad`xcn}abd be nyyxb{aln}cjq 00 =99 obhp hq }kc cdm be 899;6* db} njj be vka`k

    8$ Vbxjm Hndg mn}n `n}njbf* k}}y?""mn}n$vbxjmhndg$bxf"`bsd}xq"jac`k}cdp}cad* n``cppcm

    = Mc`clhcx 89>9$

    0$ @AN* ]kc Vbxjm En`} hbbg* k}}yp?""vvv$`an$fbu"jahxnxq"yshja`n}abdp"}kc,vbxjm,

    en`}hbbg"fcbp"jp$k}lj ndm k}}yp?""vvv$`an$fbu"jahxnxq"yshja`n}abdp"}kc,vbxjm,en`}hbbg"xndgbxmcx"899=xndg$k}lj* n``cppcm >9 Mc`clhcx 89>9$

    =$ vvv$p}n}c$fbu"x"yn"ca"hfd"1=90$k}lj* n``cppcm = Mc`clhcx 89>9$

    3$ Ybx}nj be }kc Yxad`aynja}q be Jac`k}cdp}cad? vvv$jac`k}cdp}cad$ja"cd"cjac`k}cd,

    p}cadRlnadRpa}cp"ybx}njR escxp}cd}slRjac`k}cdp}cad"ej,vse,vax}p`kne}R eadndzcd"

    ej,vse,eadndzmacdp}jcap}sdfcd$k}l$

    5$ vvv$`bc$ad}"}"mfkj"lbda}bxadf"lbdcqunj"@bsd}xacp"Jac`k}cdp}cadR ex$npy*

    n``cppcm = Mc`clhcx 89>9$

    6$ vvv$jac`k}cdp}cad$ja"cd"cjac`k}cdp}cadRlnadRpa}cp"ybx}njR escxp}cd}slRjac`k}cd,

    p}cad"e j,vse,vax}p`kne}R eadndzcd"ej,vse,admsp}xac"e j,vse,admsp}xac,ad}cxdn}abd,

    njcp$k}l* n``cppcm = Mc`clhcx 89>9$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    13/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    AD]XBMS@]ABD >>

    `nd hc eajjcm va}k clyjbqccp exbl Jac`k}cdp}cad$ ]kc yxbybx}abd be ebxcafdclyjbqccp ap bucx 56#* yxalnxajq ad }kc ebxl be `xbpp,hbxmcx `blls}cxpexbl Nsp}xan ndm Pva}zcxjndm$

    Fcdcxnj adebxln}abd bd }kc jcfnj pqp}cl ndm }kc }n{n}abd pqp}cl

    Jcfnj pqp}cl

    >3$ Jac`k}cdp}cad ap n `bdp}a}s}abdnj kcxcma}nxq lbdnx`kq va}k n mclb,`xn}a` ynxjanlcd}nxq pqp}cl$ ]kc Fbucxdlcd} `bdpap}p be n eauc,lclhcx`nhadc} dbladn}cm hq Ynxjanlcd} ndm nyybad}cm hq }kc xcafdadf Yxad`c ebxebsx qcnxp$ ]b hc unjam* cn`k dcv jnv cdn`}cm hq Ynxjanlcd} xc~saxcp }kc`bdpcd} be }kc Yxad`c$

    >5$ ]kc ybja}a`nj ndm adp}a}s}abdnj pqp}cl be Jac`k}cdp}cad ap fbucxdcm hq}kc @bdp}a}s}abd be 3 B`}bhcx >18>* np nlcdmcm hq }kc @bdp}a}s}abdnj N`} be>5 Lnx`k 8990$ ]kc @bdp}a}s}abd ap }kc esdmnlcd}nj jnv ndm pc}p ebx}k }kcdn}sxc be }kc fbucxdlcd}* }kc bxfndapn}abd be yshja` ybvcxp ndm }kc xcjn}abd,pkay hc}vccd }kcl$ ]kc Jac`k}cdp}cad jcfnj pqp}cl ap hnpcm bd `auaj jnv$

    >6$ ]kc Yxad`c ap }kc kcnm be p}n}c ndm xcyxcpcd}p Jac`k}cdp}cad ad a}pad}cxdn}abdnj xcjn}abdp$ ]kc Yxad`c lnq uc}b jnvp nmby}cm hq Ynxjanlcd}ndm `nd `njj xcecxcdmslp* yxbybpc dcv jcfapjn}abd ndm mappbjuc Ynxjanlcd}*}kbsfk mappbjs}abd be Ynxjanlcd} lnq hc pshoc`} }b n xcecxcdmsl$ C{c`s}auc

    ns}kbxa}q ap ucp}cm ad n `bjjcfan}c fbucxdlcd} `blyxapadf }kc kcnm be fbu,cxdlcd} +Yxalc Ladap}cx! ndm ebsx fbucxdlcd} `bsd`ajbxp +Ladap}cxp!$ ]kckcnm be fbucxdlcd} ndm }kc b}kcx Ladap}cxp nxc nyybad}cm hq }kc Yxad`csybd }kc yxbybpnj ndm `bd`sxxcd`c be Ynxjanlcd}

    >;$ Jcfapjn}auc ns}kbxa}q ap ucp}cm ad }kc sda`nlcxnj Ynxjanlcd}* }kcJndm}nf* lnmc sy be 83 lclhcxp cjc`}cm ebx ln{alsl ebsx,qcnx }cxlpn``bxmadf }b n yxbybx}abdnj xcyxcpcd}n}abd ebxlsjn$ Eae}ccd lclhcxp nxccjc`}cm exbl }kc Bhcxjndm ndm }cd lclhcxp nxc cjc`}cm exbl }kc Sd}cxjndm$

    >1$ Osxapma }abd ad `auaj ndm `xaladnj ln}}cxp ap c{cx`apcm ad }kc eaxp}

    adp}nd`c hq }kc @bsx} be Osp}a`c* ad }kc pc`bdm adp}nd`c hq }kc @bsx} be Nyycnj*ndm ad }kc }kaxm ndm jnp} adp}nd`c hq }kc Psyxclc @bsx}$ ]kc Nmladap}xn}auc@bsx} ndm }kc @bdp}a}s}abdnj @bsx} nxc `bsx}p be yshja jnv$ Njj `bsx}p pa} adUnmsz$ ]kc Dn}abdnj ]n{ @bllappabd; ap }kc eaxp} nyycjjn}c hbmq ebx }n{ ln},}cxp$ Nyycnjp nfnadp} }kc mc`apabdp be }kc Dn}abdnj ]n{ @bllappabd nxc kcnxmhq }kc Nmladap}xn}auc @bsx}$

    ;$ @xcn}cm hq }kc ]n{ Jnv be 80 Pcy}clhcx 89>9$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    14/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    >8 AD]XBMS@]ABD

    ]n{n}abd pqp}cl

    89$ Jac`k}cdp}cad ad}xbms`cm lnobx }n{ xcebxlp }kxbsfk }kc Jnv be80 Pcy}clhcx 89>9 bd Dn}abdnj ndm Lsda`aynj ]n{cp +]n{ N`}!* ceec`}auc

    exbl > Ondsnxq 89>>1

    $ @bxybxn}c ad`blc }n{ ap dbv `knxfcm n} n ejn} xn}c be>8$3#* va}k n ladalsl be @KE > 899 +CSX 163!$ Ladalsl }n{ ap db} jcuacmbd }n{ynqcxp bycxn}adf `bllcx`anjjq va}k nd nucxnfc hnjnd`c pkcc} }b}njbucx }kc jnp} }kxcc qcnxp* sdmcx @KE 399 999 +CSX 019 999!$ Dcv ]n{ N`}knp nhbjapkcm +va}k n }kxcc qcnx fxndmen}kcxadf `jnspc! mbla`ajanxq p}n}sp*vka`k c{cly}cm `cx}nad cd}a}acp va}kbs} hspadcpp }acp }b }kc mblcp}a` lnxgc}exbl `bxybxn}c ad`blc }n{$ ]kc dcv jnv yxbuamcp ebx n dcv Yxaun}c Nppc}P}xs`}sxc +YNP! xcfalc>9 vka`k `nd hc nyyjacm ebx hq jcfnj ycxpbdp vka`knxc njjbvcm }b n`~saxc* kbjm* nmladap}cx bx pcjj ndq gadm be nppc}>> hs}nxc db} cdfnfcm ad c`bdbla` n`}aua}acp$ Bd`c YNP }n{ p}n}sp ap fxnd}cm hq

    }kc }n{ nmladap}xn}abd* }kcq vajj ynq ladalsl `bxybxn}c }n{ be @KE >899+CSX 163! ndm mb db} eajc nd nddsnj }n{ xc}sxdp$ Bd nd nyyja n}abd be }kcjcfnj ycxpbd* }kc }n{ ns}kbxa}q `nd }xndpecx }kc adpyc`}abd be `blyjand`c va}k}kc yxc`bdma}abdp ebx fxnd}adf }kc YNP p}n}sp }b n dcs}xnj nsma}bx$ N xcfalc bepyc`anj nppc}p mcma`n}abdp va}kbs} jcfnj ycxpbdnja}q nyyja`nhjc }b }xsp}p yxb,uamadf ebx n ladalsl }n{ be @KE > 899 ndm db nppcpplcd} ap njpb ad}xbms`cmad }kc dcv ]n{ N`}$ Ebx admauamsnjp* vcnj}k }n{ ap ad}cfxn}cm ad}b ad`blc }n{*va}k ycxpbdnj }n{ xn}cp exbl 0# }b 8>#$ Mauamcdmp ndm `nya}nj fnadp exbladucp}lcd}p ad lbunhjc yxbycx}q nxc }n{ c{cly}$

    8>$ Dn}sxnj ycxpbdp knuadf }kcax xcpamcd`c bx knha}snj nhbmc ad Jac`k}cd,p}cad nxc pshoc`} }b }n{ bd }kcax vbxjm,vamc vcnj}k ndm ad`blc* vkcxcnp dbd,xcpamcd}p ynq }n{ bd mblcp}a` vcnj}k ndm mblcp}a` ad`blc$ ]n{ynqcxp pshoc`} }bvcnj}k }n{* ycxpbdnj ad`blc }n{ ndm `bxybxn}c ad`blc }n{ nxc xc~saxcm }b pshla}nddsnj }n{ xc}sxdp +Nx}$ 1=+>! ]n{ N`}!$

    88$ Jcfnj ycxpbdp knuadf }kcax mbla`ajc bx ceec`}auc yjn`c be lndnfclcd}ad Jac`k}cdp}cad nxc pshoc`} }b sdxcp}xa`}cm }n{ janhaja}q$ Jcfnj ycxpbdp vkbknuc dca}kcx mbla`ajc dbx ceec`}auc yjn`c be lndnfclcd} ad Jac`k}cdp}cad nxc

    1$ ]kc jnv yxcuabspjq ad ebx`c vnp Jnv be 09 Ondsnxq >15> bd Dn}abdnj ndmLsda`aynj ]n{cp$ ]kc dcv ]n{ N`} ap mauamcm ad}b `kny}cxp bd }n{cp bd dn}sxnj

    ycxpbdp +vcnj}k }n{* ycxpbdnj ad`blc }n{ ndm }n{ hnpcm bd c{ycdma}sxc7 Nx}p$ 5,0=!7

    jcfnj ycxpbdp +Nx}p$ ==,53!7 `nya}nj fnadp bd }kc pnjc be xcnj cp}n}c +Nx}p$ 03,=0! ndm

    }kc cp}nhjapklcd} be jcfnj ycxpbdp ndm adpsxnd`c yxclaslp +Nx}p$ 55,68!$

    >9$ Nx}a`jcp 5= be }kc ]n{ N`} ndm Nx}a`jcp 06 ndm 0; be }kc ]n{ Bxmadnd`c be

    8> Mc`clhcx 89>9$ ]kc pyc`anj }n{ xcfalc ap nyyja`nhjc }b ~snjaeacm jcfnj ycx,

    pbdp$ Bd`c n jcfnj ycxpbd knp hccd fxnd}cm YNP p}n}sp a} cdobqp n pyc`anj }n{

    p}n}sp yxbuamcm a} mbcp db} cdfnfc ad c`bdbla` n`}aua}acp$

    >>$ Nppc}p lnq ad`jsmc eadnd`anj adp}xslcd}p +c$f$ es}sxcp* pvnyp* dcfb}anhjc pc`sxa,

    }acp!* ja~sam lbdacp* hndg n``bsd} hnjnd`cp ndm pknxcp ad jcfnj ycxpbdp$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    15/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    AD]XBMS@]ABD >0

    pshoc`}cm }b mceadcm xcp}xa`}cm }n{ janhaja}q$ Ad 899=* Jac`k}cdp}cad ad}xbms`cm}kc CSp Pnuadfp Maxc`}auc>8 bd }kc hnpap be n hajn}cxnj nfxcclcd} va}k }kcCsxbycnd Sdabd +CS! ndm alybpcp va}kkbjmadf }n{ bd ad}cxcp} ndm b}kcxpnuadfp$

    80$ Jac`k}cdp}cadp jnvp mb db} pyc aeq }kc xndg be ad}cxdn}abdnj }xcn,}acp np `blynxcm va}k mblcp}a` jnv$ N``bxmadf }b }kc osxapyxsmcd`c be }kc@bdp}a}s}abdnj @bsx}* ad}cxdn}abdnj }xcn}acp xn}aeacm hq Ynxjanlcd} njvnqpcdobq n} jcnp} }kc xndg be n jnv va}kad }kc mblcp}a` jcfnj bxmcx$ Jac`k}cdp}cadpns}kbxa}acp knuc adma`n}cm }kn} }kc @bsx}p ad}cxyxc} mblcp}a` jnvp ad `bdebx,la}q va}k ad}cxdn}abdnj }xcn}acp$

    Bucxuacv be `bllcx`anj jnvp ndm b}kcx xcjcund} en`}bxp ebxc{`kndfc be adebxln}abd

    Bucxuacv be eadnd`anj pc`}bx ndm xcjcund} yxbecppabdp

    8=$ ]kc hspadcpp lbmcj be Jac`k}cdp}cadp eadnd`anj `cd}cx eb`spcp bd yxa,un}c hndgadf ndm vcnj}k lndnfclcd}$ ]kc eadnd`anj pc`}bx ad Jac`k}cdp}cad`blyxapcp hndgp ndm eadnd`c `blyndacp* adpsxnd`c* nppc} lndnfclcd} `bl,yndacp* aducp}lcd} `blyndacp* }xsp}ccp* jnvqcxp ndm n``bsd}nd}p$ N} }kc cdmbe 8991* >5 hndgp vcxc ja`cdpcm ad Jac`k}cdp}cad7 be }kcpc* 6 nxc neeajan}cp bePvapp bx Nsp}xand adp}a}s}abdp$>0 N} }kc cdm be 8991* }kcpc hndgp knm n hnj,nd`c pkcc} }b}nj be @KE 33 hajjabd +CSX =8$1 hajjabd!$ Jac`k}cdp}cad njpb knp

    561 eadnd`anj ad}cxlcmanxacp ps`k np }xsp}ccp* }xsp} `blyndacp* jnvqcxp ndmn``bsd}nd}p* => adpsxnd`c `blyndacp* 86 esdm lndnfclcd} ndm aducp}lcd}`blyndacp va}k nyyxb{aln}cjq =>> ls}snj esdmp$ Jac`k}cdp}cad mbcp db} knucn p}b`g c{`kndfc be a}p bvd hs} pblc be a}p `blyndacp nxc jap}cm bd }kc Pvappc{`kndfc$

    83$ Jnvqcxp* jcfnj nfcd}p* yn}cd} n}}bxdcqp ndm yn}cd} `blyndacp nxc ynx,}a`sjnxjq yxbladcd} ad }kc nxcn be yxbecppabdnj jcfnj nmua`c ndm xcyxcpcd}n}abdbe ynx}acp$ ]kcxc nxc pcucxnj nppb`an}abdp xcyxcpcd}adf }kc maeecxcd} pc`}bxpbe eadnd`anj adp}a}s}abdp ndm ad}cxlcmanxacp$ Jac`k}cdp}cad knp 013 xcfap}cxcm

    yxbecppabdnj }xsp}ccp +ad`jsmadf ja`cdpcm }xsp} `blyndacp!$

    >8$ @bsd`aj Maxc`}auc 8990"=;"C@ be 0xm Osdc 8990 bd ]n{n}abd be Pnuadfp Ad`blc ad

    }kc Ebxl be Ad}cxcp} Ynqlcd}p? k}}y?""adeb$ybx}njmnpeadnd`np$fbu$y}"DX"xmbdjqxcp"

    6CN50@5E,919;,=@EC,;3C;,9M15=N=519>0"9"@bsd`ajRMaxc`}aucR8990=;C@$yme$

    >0$ Ybx}nj be }kc Yxad`aynja}q be Jac`k}cdp}cad? vvv$jac`k}cdp}cad$ja"cd"cjac`k}cd,

    p}cadRlnadRpa}cp"ybx}njR escxp}cd}slRjac`k}cdp}cad"e j,vse,vax}p`kne}R eadndzcd"

    e j,vse,eadndzmacdp}jcap}sdfcd"e j,vse,eadndzmacdp}jcap}sdfcd,p}xsg}sx"e j,vse,

    eadndzmacdp}jcap}sdfcd,hndgcdyjn}z$k}l* n``cppcm = Mc`clhcx 89>9$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    16/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    >= AD]XBMS@]ABD

    85$ ]kc Eadnd`anj Lnxgc} Ns}kbxa}q +ELN! ap nd ad}cfxn}cm eadnd`anjpsycxuapbxq ns}kbxa}q ebx adp}a}s}abdp ad njj eadnd`anj lnxgc}p ndm vcjj np eadnd,`anj ad}cxlcmanxacp ps`k np jnvqcxp* yxbecppabdnj }xsp}ccp ndm nsma}bxp$ ]kcELN ap }kc psycxuapbxq ns}kbxa}q ebx njj ycxpbdp pshoc`} }b }kc Hndgadf N`}*

    Aducp}lcd} Sdmcx}ngadfp N`}* Nppc} Lndnfclcd} N`}* Adpsxnd`c PsycxuapabdN`}* Adpsxnd`c Lcman}abd N`}* B``syn}abdnj Ycdpabdp N`}* Ycdpabd Esdmp N`}*Yxbecppabdnj ]xsp}cc N`}* Nsma}bxp ndm Nsma}adf @blyndacp N`}* JnvqcxpN`}* Yn}cd} N}}bxdcq N`} ndm ap xcpybdpahjc ebx }kc cdebx`clcd} be }kc MscMajafcd`c N`}$ ]kc Eadnd`anj Ad}cjjafcd`c Sda} ap xcpybdpahjc ebx bh}nadadf ndmndnjqpadf adebxln}abd dc`cppnxq ebx }kc xc`bfda}abd be lbdcq jnsdmcxadf ndm}cxxbxap} eadnd`adf n`}aua}acp$

    86$ ]kc Jndm ndm Yshja` Xcfap}xn}abd Beea`c +FHBCXN! lnad}nad nyshja` xcfap}cx be `bllcx`anj np vcjj np dbd,`bllcx`anj n`}auc cd}a}acp$

    Cd}a}acp vka`k mb db} knuc xcfap}xn}abd bhjafn}abdp nxc bhjafcm }b pshla} pblcadebxln}abd bx mcybpa} mccmp va}k }kc xcfap}xq$ ]kc Yshja` Xcfap}xq ap n``cp,pahjc }b ndq lclhcx be }kc yshja`$

    8;$ ]kc `bxc be }kc nd}a,lbdcq jnsdmcxadf `bsd}cx,eadnd`adf be }cx,xbxapl +NLJ"@E]! exnlcvbxg `bdpap}p be }kc 899; Msc Majafcd`c N`}ndm }kc 8991 Msc Majafcd`c Bxmadnd`c vka`k alyjclcd}cm }kc CS ]kaxmLbdcq Jnsdmcxadf Maxc`}auc$>= ]kc 8996 ls}snj cunjsn}abd be Jac`k}cdp}cad+hnpcm bd cnxjacx jcfapjn}abd!* `bdms`}cm hq }kc @bsd`aj be Csxbycp Pcjc`}@blla}}cc be C{ycx}p bd }kc Cunjsn}abd be Nd}a,Lbdcq Jnsdmcxadf

    Lcnpsxcp +LBDCQUNJ!>3

    ebsdm ad}cx njan? Jac`k}cdp}cad knp n hxbnm exnlcvbxg ebx `sp}blcx msc majafcd`c

    +@MM!* }kbsfk }kc yxbuapabdp enjj pkbx} be }kc ad}cxdn}abdnj p}ndmnxmad pblc pshp}nd}auc ndm }c`kda`nj nxcnp7

    Jac`k}cdp}cadp jnvp fbucxdadf jcfnj ycxpbdp ndm nxxndfclcd}pnxc jahcxnj ndm beecx lndq maeecxcd} ebxlp be `blyndacp ndm jcfnjnxxndfclcd}p$ Lbp} jcfnj yxbuapabdp nxc db} lndmn}bxq ndm lnq hc`kndfcm }kxbsfk ebsdmadf mccm bx p}n}s}c* njjbvadf ebx ndq jcfnjcd}a}q"nxxndfclcd} }b hc `sp}bl,}najbxcm }b }kc ynx}acp dccmp$ A} ap

    cp}aln}cm }kn} 19# be njj cd}a}acp xcfap}cxcm ad Jac`k}cdp}cad nxc db}`bllcx`anjjq n`}auc7

    >=$ Maxc`}auc 8993"59"C@ be }kc Csxbycnd Ynxjanlcd} ndm be }kc @bsd`aj be 85 B`}bhcx

    8993 bd }kc yxcucd}abd be }kc spc be }kc eadnd`anj pqp}cl ebx }kc ysxybpc be lbdcq

    jnsdmcxadf ndm }cxxbxap} eadnd`adf? k}}y?""csx,jc{$csxbyn$cs"Jc{SxaPcxu"Jc{SxaPcxu$

    mb2sxa3?9905?CD?YME* n``cppcm = Mc`clhcx 89>9$

    >3$ vvv$`bc$ad}"}"mfkj"lbda}bxadf"lbdcqunj"@bsd}xacp"Jac`k}cdp}cadR ex$npy*

    n``cppcm >9 Mc`clhcx 89>9$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    17/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    AD]XBMS@]ABD >3

    dbladcc maxc`}bxp* dbladcc pknxckbjmcxp* yxb}c`}bxp"`bjjn}bxp ndmjc}}cx be vapkcp nxc ycxla}}cm ndm nxc exc~scd}jq spcm ad xcjn}abd }b}xsp}p ndm ebsdmn}abdp +p}ae}sdfcd!7 ndm

    hcnxcx pknxcp lnq hc appscm hq n jnxfc dslhcx be jcfnj cd}a}acp ndm}kcxc nxc db lc`kndaplp ad yjn`c }b amcd}aeq }kc bvdcxp be ps`kpknxcp$

    81$ ]kc nhbuclcd}abdcm pkbx}`bladfp xcfnxmadf }kc exnlcvbxg ebx @MMknuc hccd nlcjabxn}cm }b pblc c{}cd} hq }kc Msc Majafcd`c N`} 899;* n``bxm,adf }b }kc LBDCQUNJ yxbfxcpp xcybx} be ; Mc`clhcx 89>9$>5 LBDCQUNJnjpb `bd`jsmcm }kn} Jac`k}cdp}cadp xc`bxm gccyadf xc~saxclcd}p nxc ad jadcva}k }kc ad}cxdn}abdnj NLJ"@E] p}ndmnxmp$

    Xc`cd} mcucjbylcd}p

    09$ ]kc Jnv be 09 Osdc 89>9 bd Ad}cxdn}abdnj Nmladap}xn}abd Nppap}nd`cad ]n{ Ln}}cxp `xcn}cm n mblcp}a` exnlcvbxg ebx alyjclcd}adf }kc bhjafn,}abdp nxapadf bs} be }kc ad}cxdn}abdnj c{`kndfc be adebxln}abd nfxcclcd}ppafdcm hq Jac`k}cdp}cad$ ]kap jnv mcpafdn}cp }kc Eap`nj Ns}kbxa}q np }kc `bl,yc}cd} ns}kbxa}q ebx }kc ysxybpcp be ad}cxdn}abdnj c{`kndfc be adebxln}abd$

    0>$ Jac`k}cdp}cad njpb ynppcm nd bxmadnd`c bd 0> Nsfsp} 89>9 }b alyjc,lcd} }kc }n{ adebxln}abd c{`kndfc nfxcclcd} ndm lclbxndmsl be sdmcx,

    p}ndmadf pafdcm va}k }kc Sda}cm Gadfmbl ad Nsfsp} 8991* hnpcm bd }kcxcjn}cm jnv be 09 Osdc 89>9$ ]kap bxmadnd`c bhjafcp Jac`k}cdp}cadp eadnd`anjad}cxlcmanxacp }b amcd}aeq }kcax `jacd}p vkb lnq knuc }n{ janhaja}q ad }kcSda}cm Gadfmbl$

    >5$ vvv$`bc$ad}"}"mfkj"lbda}bxadf"lbdcqunj"Cunjsn}abdp * n``cppcm >9 Mc`clhcx 89>9$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    18/98

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    19/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD >6

    @blyjand`c va}k }kc P}ndmnxmp

    N$ Nunajnhaja}q be adebxln}abd

    Bucxuacv

    08$ Ceec`}auc c{`kndfc be adebxln}abd xc~saxcp }kc nunajnhaja}q be xcjanhjcadebxln}abd$ Ad ynx}a`sjnx* a} xc~saxcp adebxln}abd bd }kc amcd}a}q be bvdcxp

    ndm b}kcx p}ngckbjmcxp np vcjj np n``bsd}adf adebxln}abd bd }kc }xndpn`}abdp`nxxacm bs} hq cd}a}acp ndm b}kcx bxfndapn}abdnj p}xs`}sxcp$ Ps`k adebxln}abdlnq hc gcy} ebx }n{* xcfsjn}bxq* `bllcx`anj bx b}kcx xcnpbdp$ Ae adebxln}abdap db} gcy} bx }kc adebxln}abd ap db} lnad}nadcm ebx n xcnpbdnhjc ycxabm be}alc* n osxapma`}abdp `blyc}cd} ns}kbxa}q lnq db} hc nhjc }b bh}nad ndm yxb,uamc a} vkcd xc~scp}cm$ ]kap pc`}abd be }kc xcybx} nppcppcp }kc nmc~sn`q be }kcJac`k}cdp}cadp jcfnj ndm xcfsjn}bxq exnlcvbxg bd nunajnhaja}q be adebxln}abd$

    00$ Jac`k}cdp}cadp jnvp yxbuamc ebx maeecxcd} }qycp be `bxybxn}c ndmdbd,`bxybxn}c cd}a}acp$ ]kc `bllbdjq spcm cd}a}acp nxc `blyndacp jala}cm

    hq pknxcp* }xsp}p* ebsdmn}abdp* cp}nhjapklcd}p ndm }xsp} cd}cxyxapcp$ Cp}nhjapk,lcd}p +Ndp}nj}cd! vka`k nxc n ecn}sxc be Jac`k}cdp}cad nxc fcdcxnjjq spcmnjbdf va}k ebsdmn}abdp ndm }xsp}p }b lndnfc yxaun}c nppc}p$

    0=$ ]kcxc nxc bhjafn}abdp alybpcm bd mblcp}a` `blyndacp* ynx}dcxpkayp*cp}nhjapklcd}p ndm ebsdmn}abdp }b gccy bvdcxpkay ndm amcd}a}q adebxln}abd$Kbvcucx* `blyndacp `nd appsc hcnxcx pknxcp ndm }kc lc`kndaplp ad yjn`c }bamcd}aeq }kc bvdcx be ps`k pknxcp nxc adnmc~sn}c$ ]kap ap n pafdaea`nd} mcea,`acd`q vka`k Jac`k}cdp}cad pkbsjm xclcmq ~sa`gjq$ Lbxcbucx* esjj bvdcxpkayadebxln}abd bd ebxcafd `blyndacp xcpamcd} ebx }n{ ysxybpcp ad Jac`k}cdp}cad

    ap db} xc~saxcm }b hc lnad}nadcm$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    20/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    >; @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD

    03$ Vkajc Jac`k}cdp}cadp `blyndq jnv mbcp db} cdpsxc }kc nunajnhaja}qbe adebxln}abd bd njj hcdcea`anxacp be }xsp}p ndm }xsp} cd}cxyxapcp* eadnd`anjad}cxlcmanxacp lsp} gccy pblc amcd}a}q adebxln}abd bd hcdcea`anxacp be }xsp}pndm xc`cay}p nxc xc~saxcm }b hc lnad}nadcm be ndq ynqlcd}p lnmc }b hcdcea,

    `anxacp xcpamcd} ad Jac`k}cdp}cad$

    05$ Xcjcund} jnvp bhjafc njj jcfnj ycxpbdp cdfnfcm ad `bllcx`anj n`}aua,}acp }b lnad}nad yxbycx n``bsd}adf xc`bxmp ndm sdmcxjqadf mb`slcd}n}abd$ ]kcpnlc nyyjq }b njj `blyndacp jala}cm hq pknxcp* jala}cm janhaja}q `blyndacp*jala}cm ynx}dcxpkay va}k pknxc `nya}nj* Csxbycnd `blyndacp ndm lbp} jala}cmndm sdjala}cm ynx}dcxpkayp* cucd ae }kcq nxc db} cdfnfcm ad bllcx`anj n`}aua,}acp$ ]kc jnv bhjafcp njj ebsdmn}abdp }b gccy ndm lnad}nad yxbycx n``bsd}adfxc`bxmp$ Ps`k xc`bxmp lsp} njpb hc xc}nadcm ebx }cd qcnxp$ Kbvcucx* pblc`n}cfbxacp be jcfnj cd}a}acp ndm jcfnj nxxndfclcd}p db} cdfnfcm ad `bllcx`anj

    n`}aua}acp nxc db} xc~saxcm }b gccy esjj n``bsd}adf xc`bxmp sdmcx `bllcx`anjbx }n{ jnvp$ Ps`k cd}a}acp nxc njpb db} c{yja`a}jq bhjafcm hq jnv }b lnad}nadxc`bxmp ebx n} jcnp} eauc qcnxp$ ]kap adubjucp n pafdaea`nd} yxbybx}abd be }kccd}a}acp ad Jac`k}cdp}cad$ ]kc nyyja`nhjc yxbuapabdp be }kc msc majafcd`c jcfapjn,}abd p}aysjn}c kbvcucx nd bhjafn}abd }b gccy }xndpn`}abd xc`bxmp$

    06$ Jac`k}cdp}cadp jnvp cdpsxc }kc nunajnhaja}q be hndgadf adebxln}abd adxcpyc`} be njj n``bsd} kbjmcxp$

    0;$ Ad fcdcxnj* cdebx`clcd} yxbuapabdp cdpsxc }kn} bhjafn}abdp }b lnad,}nad bvdcxpkay ndm amcd}a}q adebxln}abd nxc ebjjbvcm$ Kbvcucx* }kc nhpcd`c

    be psa}nhjc cdebx`clcd} lcnpsxcp }b cdpsxc `blyndq pknxc xcfap}cxp nxc gcy}sy }b mn}c ap nd appsc }kn} pkbsjm njpb hc nmmxcppcm ~sa`gjq hq Jac`k}cdp}cad$

    N$>$ Bvdcxpkay ndm amcd}a}q adebxln}abd

    Osxapma`}abdp pkbsjm cdpsxc }kn} bvdcxpkay ndm amcd}a}q adebxln}abd ebx njj xcjcund}

    cd}a}acp ndm nxxndfclcd}p ap nunajnhjc }b }kcax `blyc}cd} ns}kbxa}acp$

    01$ ]kc Jnv bd Ycxpbdp ndm @blyndacp be 89 Ondsnxq >185 +YFX!yxbuamcp }kc jcfnj exnlcvbxg ebx jcfnj ycxpbdp ndm nxxndfclcd}p$ ]kc YFXyxbuamcp }vb }qycp be jcfnj ycxpbdp? gbcxycxp`kne}cd ndm gbxybxn}abdcd + bx,ybxn}abdp!* ndm* ndp}nj}cd ndm p}ae}sdfcd +cp}nhjapklcd}p ndm ebsdmn}abdp!$ N}xsp} ap n jcfnj nxxndfclcd}$ N }xsp} cd}cxyxapc* kbvcucx* `nd hc cp}nhjapkcmva}k bx va}kbs} jcfnj ycxpbdnja}q +Nx}$ 108n+>! YFX!$ ]kc Beea`c be Jndm ndmYshja` Xcfap}xn}abd +Fxsdmhs`k,sdm Beecd}ja`kgca}pxcfap}cxnl}7 FHBCXN!*ap }kc `blyc}cd} ns}kbxa}q `knxfcm va}k lbda}bxadf `blyjand`c va}k }kcYFX* ynx}a`sjnxjq va}k xcpyc`} }b xcfap}xn}abd xc~saxclcd}p$

    =9$ @bxybxn}c ebxlp `nd hc ca}kcx `blyndacp ebx `nxxqadf bs} `bl,

    lcx`anj n`}aua}acp* kbjmadf `blyndacp bx mbla`ajanxq `blyndacp +db} knuadf

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    21/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD >1

    }xnmadf n`}aua}acp adpamc Jac`k}cdp}cad!$ Ebx }n{ ysxybpcp* ndm* ad n``bxmnd`cva}k }kc dcv ]n{ N`} }kc bdjq maeecxcd}an}abd ap hc}vccd jcfnj ycxpbdp `nx,xqadf bs} c`bdbla` n`}aua}acp>6 ndm jcfnj ycxpbdp db} `nxxqadf bs} c`bdbla`n`}aua}acp$

    =>$ Jcfnj cd}a}acp + bxybxn}abdp* cp}nhjapklcd}p ndm ebsdmn}abdp! `nd hcebxlcm hq n dn}sxnj bx jcfnj ycxpbd$ @blyndacp jala}cm hq pknxcp ndm jal,a}cm ynx}dcxpkayp va}k pknxc `nya}nj lsp} knuc n ladalsl be }vb ebsdmcxp*vkcxcnp* b}kcx cd}a}acp `nd hc ebsdmcm hq bdc ycxpbd$ Ebsdmcxp dccm db} hcxcpamcd} bx mbla`ajcm ad Jac`k}cdp}cad$

    =8$ @bxybxn}abdp +nppb`an}abdp* `blyndacp jala}cm hq pknxcp* jala}cm ynx},dcxpkayp va}k n pknxc `nya}nj* `b,bycxn}auc nppb`an}abdp va}k jala}cm janhaja}q*jala}cm janhaja}q `blyndacp* `b,bycxn}aucp* ls}snj adpsxnd`c ndm nppap}nd`cnppb`an}abdp* Pb`ac}np Csxbycn* Pb`ac}np @bbycxn}aun Csxbycn* xcfap}cxcm }xsp}cd}cxyxapcp!* cp}nhjapklcd}p ndm ebsdmn}abdp mcub}cm }b n pyc`aea` bhoc`} bxysxybpc n`~saxc jcfnj ycxpbdnja}q }kxbsfk xcfap}xn}abd ad }kc Yshja` Xcfap}cx+Nx}$ >95 YFX!$ Xcfap}xn}abd ap db} xc~saxcm ebx?

    `bxybxn}c hbmacp ndm cp}nhjapklcd}p sdmcx yshja` jnv7

    nppb`an}abdp +Nx}$ 8=5 YFX! }kn} mb db} ysxpsc bllcx`anj n`}aua}acpndm }kn} nxc db} bhjafcm }b knuc p}n}s}bxq nsma}bxp>;7 ndm

    vkcxc jnv yxbuamcp nd c{`cy}abd +ebx c{nlyjc* ebx `cx}nad ebsdmn,}abdp +Nx}$ 338+89! YFX!$

    @blyndacp +]bX>1 N$>$>!

    =0$ ]kc YFX yxbuamcp ebx dadc yxalnxq }qycp be `blyndacp?

    Ng}acdfcpcjjp`kne} +NF! obad} p}b`g `blyndq +Nx}p$ 85>,056 YFX!?Obad} p}b`g `blyndacp knuc `nya}nj mauamcm ad}b plnjjcx nlbsd}p+pknxcp!$ Bdjq }kc `blyndqp nppc}p nxc janhjc ebx }kc mch}p be }kc `bl,yndq$ Ebsdmcxp `nd hc pknxckbjmcxp njpb$ Pknxckbjmcxp nxc db} ycx,pbdnjjq janhjc ebx }kc `blyndqp janhaja}acp$ Pknxcp `nd knuc unxanhjc

    >6$ N``bxmadf }b Nx}$ 5= be }kc ]n{ N`}* dbd,c`bdbla` n`}aua}acp nxc pyc`anjjq }kc

    n`~sapa}abd* ybppcppabd* nmladap}xn}abd ndm pcjjadf be eadnd`anj adp}xslcd}p*

    ja~sam lbdcqp* hndg n``bsd}p ndm* ad cx}nad ax`slp}nd`cp* ynx}a`ayn}abd ad jcfnj

    ycxpbdp$

    >;$ N``bxmadf }b Nx}$ 83> be }kc YFX* }kc n``bsd}p be }kc nppb`an}abd lsp} hc nsma}cm

    ae }vb be }kxcc ynxnlc}cxp nxc pn}apeacm +hnjnd`c pkcc} }b}nj ap nhbuc @KE 5 laj,

    jabd* xcucdscp nxc nhbuc @KE >8 lajjabd bx 39 esjj }alc clyjbqccp!$

    >1$ ]cxlp be Xcecxcd`c }b Lbda}bx ndm Xcuacv Yxbfxcpp }bvnxmp ]xndpynxcd`q ndm

    C{`kndfc be Adebxln}abd$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    22/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    89 @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD

    ub}adf xafk}p$ ]kcxc vcxc 5 10>89 ps`k `blyndacp ad Jac`k}cdp}cad bd0> Mc`clhcx 89>97

    Fcpcjjp`kne} la} hcp`kxdg}cx Kne}sdf +FlhK! jala}cm janhaja}q

    `blyndq +Nx}p$ 0;1,=86 YFX!? Bdc bx lbxc ycxpbdp* dn}sxnj bx jcfnj*`nd ebxl n `blyndq va}k jala}cm janhaja}q ebx ndq ysxybpc va}k n

    yxcmc}cxladcm `nya}nj$ ]kc janhaja}q be cn`k ynx}a`aynd} ap jala}cm }b n`cx}nad nlbsd} ndm }kcq nxc db} ycxpbdnjjq janhjc ebx }kc `blyndqpmch}p$ Jac`k}cdp}cad knm ;6 ps`k `blyndacp bd 0> Mc`clhcx 89>97

    Ucxcad `bllcx`anj bx dbd,`bllcx`anj nppb`an}abd +Nx}p$ 8=5,859YFX!? Nppb`an}abdp `xcn}cm ebx ybja}a`nj* xcjafabsp* p`acd}aea`* nx}ap}a`*`knxa}nhjc* pb`anj bx b}kcx dbd,c`bdbla` ysxybpcp fnad jcfnj ycxpbd,nja}q vkcd }kc ad}cd}abd }b c{ap} np n `bxybxn}abd ap cuamcd} exbl }kcnx}a`jcp be nppb`an}abd$ Jac`k}cdp}cad knm 8>6 xcfap}cxcm nppb`an}abdpbd 0> Mc`clhcx 89>97

    Gbllndma}ng}acdfcpcjjp`kne} +G,NF! N jala}cm ynx}dcxpkayva}k pknxc `nya}nj +Nx}p$ 05;,06= YFX! ap palajnx }b n obad} p}b`g`blyndq +NF! ad lbp} xcpyc`}p* kbvcucx* n} jcnp} bdc ynx}dcx knpsdjala}cm janhaja}q }bvnxmp }kc `blyndqp `xcma}bxp vkajc b}kcxpknuc jala}cm janhaja}q$ ]kcxc vcxc db ps`k ynx}dcxpkayp ad c{ap}cd`cad Jac`k}cdp}cad bd 0> Mc`clhcx 89>97

    Fcdbppcdp`kne} `b,bycxn}auc +Nx}p$ =8;,=13 YFX!? N `blyndq

    ad }kap ebxl ap bxfndapcm va}k nd sdjala}cm dslhcx be dn}sxnj bxjcfnj ycxpbdp np lclhcxp ebx }kc ysxybpc be yxblb}abd bx yxb}c`,}abd be `cx}nad c`bdbla` ad}cxcp}p be lclhcxp ad ls}snj pcje,kcjy$]kc nlbsd} be pknxc `nya}nj `nddb} hc mc}cxladcm ad nmund`c$Jac`k}cdp}cad knm 88 `b,bycxn}aucp bd 0> Mc`clhcx 89>97

    Csxbynap`kc ng}acdfcpcjjp`kne} +Pb`ac}np Csxbyncn! Csxbycnd`blyndq +Jnv be 83 Dbuclhcx 8993 bd }kc P}n}s}c ebx n Csxbycnd@blyndq np yxbuamcm ad }kc @bsd`aj Xcfsjn}abd +C@! Db$ 8>36"899>be ; B`}bhcx 899>!? ]kap ap n dcv jcfnj ebxl ebx `blyndacp bycxn},adf ad maeecxcd} CS lclhcx P}n}cp bx vka`k vnd} }b vbxg ad }kc CS$Jac`k}cdp}cad knm ebsx Csxbycnd `blyndacp bd 0> Mc`clhcx 89>97

    Csxbynap`kc fcdbppcdp`kne} +Pb`ac}np `bbycxn}aun csxbyncn*P@C! Csxbycnd `b,bycxn}auc +Jnv be 88 Osdc 8996 bd }kc P}n}s}cebx n Csxbycnd @b,bycxn}auc np yxbuamcm ad @bsd`aj Xcfsjn}abd +C@!Db >=03"8990 be 88 Osjq 8990!? ]kcpc nxc `b,bycxn}aucp be dn}sxnj

    89$ P}n}ap}a`p bd ycxpbdp xcfap}cxcm sdmcx }kc YFX np be 0> Mc`clhcx 89>9 nxc nunaj,

    nhjc n} vvv$jju$ja"nl}pp}cjjcd"jju,fhbcxn,bcxn"jju,fhbcxn,bcxn,nl}pfcp`knce}c,

    p}n}ap}ag$k}l$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    23/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD 8>

    bx jcfnj ycxpbdp cdfnfcm ad `xbpp,hbxmcx hspadcpp$ Jac`k}cdp}cad knmbdc Csxbycnd `b,bycxn}auc bd 0> Mc`clhcx 89>97

    Nd}cajpfcpcjjp`kne} `b,bycxn}auc nppb`an}abd va}k jala}cm janhaja}q

    +Nx}p$ 063,0;; YFX!? ]kap ap n pyc`anj ebxl be `b,bycxn}auc va}k dbxc~saxclcd} }b knuc ynam `nya}nj$ Jac`k}cdp}cad mam db} knuc ndq be}kcpc `b,bycxn}aucp xcfap}cxcm n} }kc cdm be 89>97 ndm

    Ucxpa`kcxsdfpucxcad nse fcfcdpca}afgca} ndm kajepgnppcd Ls}snjadpsxnd`c nppb`an}abdp ndm palajnx nppb`an}abdp +Nx}p$ =15,300 YFX!?]kcpc nppb`an}abdp bxfndapc }kc adpsxnd`c be }kcax lclhcxp n``bxm,adf }b }kc yxad`ayjcp be ls}snja}q ndm n}}nad }kcax jcfnj ycxpbdnja}qva}k }kc ns}kbxapn}abd exbl }kc psxucajjnd`c ns}kbxa}q ebx adpsxnd`cndm ad`bxybxn}abd ad }kc Yshja` Xcfap}cx$ Jac`k}cdp}cad mam db} knucndq ps`k nppb`an}abdp n} }kc cdm be 89>9$

    Obad} p}b`g `blyndacp +Ng}acdfcpcjjp`kne} NF!

    ==$ Obad} p}b`g `blyndacp + blyndacp jala}cm hq pknxcp! nxc bdc be }kclbp} `bllbdjq spcm ebxlp be jcfnj ycxpbd ad Jac`k}cdp}cad$ NF knp n lada,lsl pknxc `nya}nj be @KE 39 999 bx CSX 39 999 bx SPM 39 999* vka`klsp} hc ynam ad esjj n} }kc }alc be xcfap}xn}abd$

    =3$ N ladalsl be }vb dn}sxnj bx jcfnj ycxpbdp nxc xc~saxcm ebx ebxladfnd NF$ ]kc ebsdmcxp lsp} mxnv sy }kc nx}a`jcp be nppb`an}abd ad n yshja` mb`,

    slcd} +Nx}p$ 861* 8;> ndm 8;; YFX!$ ]kc lclhcxp be }kc hbnxm be maxc`}bxplsp} pshla} nd nyyja`n}abd ebx xcfap}xn}abd ad }kc Yshja` Xcfap}cx +Nx}$ 819!n``blyndacm hq }kc bxafadnj bx n `cx}aeacm `byq be }kc nx}a`jcp be nppb`an}abdndm }kc lads}cp be }kc fcdcxnj lcc}adf bx n `cx}aea`n}c bx mc`jnxn}abd `bd}nad,adf ps`k adebxln}abd$ Ne}cx }kc ebxln}abd be NF* njj pknxcp `nd hc }xndpecxxcm}b bdc pknxckbjmcx* lngadf a} n padfjc pknxckbjmcx blyndq +Alyjclcd}n}abdbe }kc ]vcje}k @bsd`aj @blyndq Jnv Maxc`}auc ;1"556"CC@ be 8> Mc`clhcx>1;1 bd padfjc,lclhcx yxaun}c jala}cm,janhaja}q `blyndacp!$

    =5$ Adebxln}abd bd n obad} p}b`g `blyndq }b hc xcfap}cxcm ad }kc Yshja`

    Xcfap}cx ad`jsmcp +Nx}$ 81> YFX!? }kc dnlc* jcfnj ebxl ndm mbla`ajc be }kc `blyndq7

    }kc dslhcx* }kc dbladnj unjsc bx ~sb}n ndm }kc jcfnj ebxl be }kc pknxcp7

    }kc lclhcxp be }kc hbnxm be maxc`}bxp ndm }kc psycxuapbxq hbnxm ndm}kc xcyxcpcd}n}aucp +dnlcp* yjn`c be xcpamcd`c ndm dn}abdnja}q bx }kcdnlc be }kc `blyndq ndm mbla`ajc!7

    }kc ebxl ad vka`k }kc hbnxm be maxc`}bxp lngcp gdbvd a}p mc`jnxn,}abdp be ad}cd} ndm }kc lnddcx ad vka`k xcyxcpcd}n}abd ap c{cx`apcm$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    24/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    88 @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD

    =6$ Adebxln}abd bd }kc ebsdmcxp ndm }kcax pknxcp nxc ynx} be }kc n`} beebxln}abd vka`k lsp} hc db}nxazcm$ ]kc n`} be ebxln}abd ap gcy} ad }kc Yshja`Xcfap}cx* hs} a} mbcp db} `bd}nad adebxln}abd bd }kc ebsdmcxp$ Nd c{}xn`} be}kc adebxln}abd ad }kc Yshja` Xcfap}cx ap yshjapkcm ad }kc beea`anj fnzc}}c$ ]kc

    mc`apabdp be }kc Fcdcxnj Nppclhjq +psyxclc hbmq! bx nmladap}xn}abd xcpsj},adf ad nlcdmlcd} be }kc nx}a`jcp be nppb`an}abd knuc jcfnj ceec`} bdjq ne}cxcd}xq ad }kc Yshja Xcfap}cx +Nx}$ 093 YFX!$

    =;$ Ysxpsnd} }b Nx}a`jc = be }kc Pc`sxa}acp Yxbpyc`}sp N`}* }kc yshja``nd hc adua}cm }b pshp`xahc }b }kc pknxc `nya}nj be nd NF ne}cx yshja`n}abd bend nyyxbucm yxbpyc }sp$ N} ndq }alc esx}kcx dcv pknxcp `nd njpb hc appscm+Nx}$ 813 YFX! ndm }kap lsp} hc mc}najcm ad nlcdmcm nx}a`jcp be nppb an}abd$]kc Hbnxm lsp}* va}kad }kxcc lbd}kp ne}cx }kc cdm be }kc eap`nj qcnx* adebxl}kc Yshja` Xcfap}xq be ps`k nlcdmlcd}p }b }kc nx}a`jcp be nppb`an}abd ndm

    lsp} pshla} }kc yshja` mb`slcd} +Nx}$ 093!$

    =1$ Obad} p}b`g blyndacp nxc bhjafcm }b xc`bxm }kc bvdcxp be xcfap}cxcmpknxcp +db} hcnxcx pknxcp! ad n pknxc xcfap}cx +Nx}$ 08; YFX!$ Ndq `kndfcp }b}kc mc}najp ad }kc xcfap}cx lsp} hc hnpcm bd yxbuapabd be amcd}aea`n}abd mb`s,lcd}p$ Adebxln}abd bd pknxckbjmcxp ap db} xc~saxcm }b hc eajcm va}k FHBCXNbx ndq fbucxdlcd} ns}kbxa}q$

    Jala}cm janhaja}q `blyndacp +FlhK!

    39$ N `blyndq va}k jala}cm janhaja}q `nd hc ebxlcm hq bdc bx lbxcdn}sxnj ycxpbdp bx jcfnj ycxpbdp$ ]kc ladalsl p}b`g `nya}nj ebx FlhK ap@KE 09 999 bx CSX 09 999 bx SPM 09 999 ynam ad esjj n} }kc }alc be xcfap,}xn}abd$ N ln{alsl be 09 ynx}a`aynd}p nxc njjbvcm ad }kcpc `blyndacp$

    3>$ N `blyndq va}k jala}cm janhaja}q ap ebxlcm }kxbsfk db}nxapcm nx}a`jcp`bd}nadadf }kc pafdn}sxcp be njj ynx}a`aynd}p bx }kcax xcyxcpcd}n}aucp ndm va}kad`bxybxn}abd ad }kc Yshja` Xcfap}cx +Nx}$ 01= YFX!$ N `cx}aeacm `byq be }kcnx}a`jcp be nppb`an}abd +ebsdmadf p}n}s}c! ndm n jap} be njj lclhcxp ndm lndnf,adf maxc`}bxp va}k dnlcp ndm xcpamcd`c* bx hspadcpp dnlcp ndm pcn}* np vcjjnp }kc `nya}nj `bd}xahs}abdp ndm nlbsd} ynam* ad`jsmadf }kc `bd}xahs}abdp adgadm* lsp} hc pshla}}cm$ ]kc adebxln}abd ap njpb xc~saxcm }b hc yshjapkcm+Nx}$ 13;!$ Ndq nlcdmlcd}p lnmc }b }kc nx}a`jcp be nppb an}abd nxc palajnxjqxc~saxcm }b hc xcfap}cxcm ndm yshjapkcm$

    38$ Jala}cm janhaja}q `blyndacp lsp} lnad}nad pknxc xcfap}cxp `bd}nadadf}kc dnlcp ndm nmmxcppcp* bx hspadcpp dnlcp ndm pcn}p* be cn`k lclhcx ndm}kc ada}anj `bd}xahs}abdp ndm pshpc~scd} ynqlcd}p lnmc hq }kcl$ Nppafdlcd}be pknxcp ap ceec`}auc bdjq ae a} knp hccd `bllsda`n}cm }b b}kcx pknxckbjmcxpndm xcfap}cxcm ad }kc pknxc xcfap}cx +Nx}$ =90 YFX!$ ]kc FHBCXN lnad}nadp}kc eajcm xcfap}xn}abd mb`slcd}p ndm symn}cp }kc xcfap}cx np xc~saxcm$ ]kc

    eajcm mb`slcd}p nxc nunajnhjc ebx yshja` adpyc`}abd +Nx}$ =98!$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    25/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD 80

    Jala}cm ynx}dcxpkayp va}k pknxc `nya}nj+Gbllndma}ng}acdfcpcjjp`kne} G,NF!

    30$ N jala}cm ynx}dcxpkay va}k pknxc `nya}nj ap jagc n obad} p}b`g `blyndq

    ad njj xcpyc`}p c{`cy} }kn} bdc bx lbxc be }kc pknxckbjmcxp knuc sdjala}cmjanhaja}q }bvnxmp `xcma}bxp be }kc `blyndq ndm n psycxuapbxq hbnxm lsp} hcnyybad}cm$ ]kcxcebxc* vkajc }kcq nxc }cxlcm ynx}dcxpkayp }kcq nxc n ebxlbe `blyndq$ Ad bxmcx }b ebxl n G,NF* }kcxc lsp} hc n} jcnp} }vb lclhcxp*dn}sxnj bx jcfnj ycxpbdp* vkb lnq bx lnq db} hc `a}azcdp be bx mbla`ajcm adJac`k}cdp}cad$

    3=$ ]kc yxbuapabdp be }kc YFX nyyja`nhjc }b obad} p}b`g `blyndacp*ad`jsmadf }kc bhjafn}abd }b lnad}nad n pknxc xcfap}cx* nyyjq }b jala}cm ynx}dcx,pkayp va}k pknxc `nya}nj sdjcpp b}kcxvapc yxbuamcm$ ]kc nx}a`jcp be n jala}cm

    ynx}dcxpkay va}k pknxc `nya}nj lsp} `bd}nad }kc amcd}aea`n}abd adebxln}abd bdlclhcxp knuadf sdjala}cm janhaja}q +Nx}$ 051 YFX!$ ]kap adebxln}abd ap xcf,ap}cxcm ad }kc Yshja Xcfap}xq ndm yshjapkcm$ ]kc Yshja Xcfap}xq knp sy,}b,mn}c adebxln}abd bd njj }kc lclhcxp va}k sdjala}cm janhaja}q$ Db adebxln}abdbd }kc pknxckbjmcxp" lclhcxp va}k jala}cm janhaja}q ap xc~saxcm ad }kc nx}a`jcpbx yxbuamcm }b }kc Yshja` Xcfap}xq* kbvcucx* }kc bvdcxp be xcfap}cxcm pknxcpdccm }b hc xc`bxmcm ad n pknxc xcfap}cx$

    @b,bycxn}aucp +Fcdbppcdp`kne}!

    33$ Ebx }kc `xcn}abd be n `b,bycxn}auc* nx}a`jcp be nppb`an}abd lsp} hcmxnvd sy ad vxa}adf* pafdcm hq njj ebsdmadf lclhcxp ndm }kcpc lsp} hccd}cxcm ad }kc Yshja` Xcfap}cx +Nx}p$ =08,=00 YFX!$

    35$ Lclhcxpkay ad n `b,bycxn}auc `nd hc jadgcm va}k pknxc `cx}aea`n}cp$]kc lclhcxpkay `nd hc }xndpecxxcm hq }xndpecxxadf pknxc `cx}aea`n}cp$ ]kcpccd}a}acp lnq appsc `cx}aea`n}cp be ynx}a`ayn}abd }b dnlc bx ad hcnxcx ebxl+Nx}$ ==6 YFX! }kbsfk hcnxcx `cx}aea`n}cp `nddb} hc appscm ebx n pknxckbjmcxva}k sdjala}cm janhaja}q$ ]kc ycxpbdp xcpybdpahjc ebx nmladap}xn}abd be n`b,bycxn}auc lsp} pshla} n maxc`}bxq be lclhcxp }b }kc FHBCXN ebx xcfap,}xn}abd ndm lsp} yxbuamc symn}cp }b }kap adebxln}abd va}kad }kxcc lbd}kp bendq `kndfc +Nx}$ =5;!$

    Nppb`an}abdp +Ucxcad!

    36$ Nppb`an}abdp `nd bdjq hc `xcn}cm ebx ybja}a`nj* xcjafabsp* p`acd}aea`*pb`anj* nx}ap}a`* `knxa}nhjc ndm b}kcx dbd,c`bdbla` ysxybpcp bdjq +Nx}$ 8=5Nhp$> YFX!$ Ysxpsadf c`bdbla` bx `bllcx`anj bhoc`}aucp ap bdjq ybppahjc }bn`kacuc }kc p}n}cm ysxybpcp +Nx}$ 8=5+>!!$

    3;$ ]kc nx}a`jcp be nppb`an}abd lsp} db}c }kc dnlc* ysxybpc* eadnd`anj

    xcpbsx`cp ndm bxfndapn}abd be }kc nppb`an}abd$ Nppb an}abdp n}}nad jcfnj

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    26/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    8= @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD

    ycxpbdnja}q bd }kc hnpap be ad}cd}abd np adma`n}cm ad }kc nx}a`jcp be nppb`an}abdndm }kxbsfk nd n`} be ebxln}abd +Nx}$ 8=5+>! YFX!$ ]kc hbnxm be }kc nppb`an,}abd lsp} gccy nd n``sxn}c jap} be lclhcxp +Nx}$ 830!$

    31$ Nppb`an}abdp nxc db} xc~saxcm }b xcfap}cx sdjcpp }kcax bhoc`} ap }bcdfnfc ad `bllcx`anj n`}aua}acp bx ap pshoc`} }b xcuapabd$ Ndq nyyja`n}abdebx xcfap}xn}abd lsp} ad`jsmc }kc p}n}s}cp ndm jap} be njj lclhcxp be }kc hbnxm+Nx}$ 8=6 YFX!$

    Csxbycnd blyndacp +Csxbynap`kc ng}acdfcpcjjp`kne} Wpb ac}npcsxbyncn\!

    59$ @bsd`aj Xcfsjn}abd +C@! Db$ 8>36"899> be ; B`}bhcx 899> bd }kcP}n}s}c ebx n Csxbycnd `blyndq +PC! ap maxc`}jq nyyja`nhjc ad Jac`k}cdp}cad$

    Ad nmma}abd* Jnv be 83 Dbuclhcx 8993 bd }kc P}n}s}c ebx n Csxbycnd@blyndq +Pb`ac}np Csxbyncn* PC! +PC,Fcpc}z7 PCF! ap nyyja`nhjc$ Esx}kcx*}kc yxbuapabdp ebx obad} p}b`g `blyndacp +Nx}p$ 85>,055 YFX! nyyjq bd npshpamanxq hnpap }b Csxbycnd `blyndacp mbla`ajcm ad Jac`k}cdp}cad +Nx}$ >3@bsd`aj Xcfsjn}abd Db$ 8>36"899> ndm Nx}$ 8 PCF!$ Np n xcpsj}* Csxbycnd`blyndacp mbla`ajcm ad Jac`k}cdp}cad nxc bhjafcm }b xc`bxm }kc bvdcxp be xcf,ap}cxcm pknxcp +db} be hcnxcx pknxcp! ad n pknxc xcfap}cx `bd}nadadf }kc dnlcp*nmmxcppcp bx `blyndq dnlc ndm mbla`ajc be }kc pknxckbjmcxp +Nx}$ 08; YFX!$

    5>$ N Csxbycnd `blyndq mbla`ajcm ad Jac`k}cdp}cad ap xc~saxcm }b hc

    cd}cxcm ad }kc Yshja` Xcfap}cx ad n``bxmnd`c va}k }kc yxbuapabdp nyyja`nhjcebx obad} p}b`g `blyndacp +Nx}$ >9ee @bsd`aj Xcfsjn}abd Db$ 8>36"899> ndmNx}$ 5 PCF!$

    Csxbycnd b,bycxn}aucp +Csxbyap`kc fcdbppcdp`kne} +pb ac}np`bbycxn}aun csxbyncn!!

    58$ @bsd`aj Xcfsjn}abd +C@! Db$ >=03"8990 be 88 Osjq 8990 bd }kcP}n}s}c ebx n Csxbycnd @b,bycxn}auc Pb`ac}q +P@C! ap maxc`}jq nyyja`nhjcad Jac`k}cdp}cad$ Ad nmma}abd* }kc Jnv be 88 Osdc 8996 bd }kc P}n}s}c ebx

    n Csxbycnd @b,bycxn}auc Pb`ac}q +Pb`ac}np @b,bycxn}aun Csxbyncn7 P@C!+P@C,Fcpc}z7 P@CF! ap nyyja`nhjc$ Esx}kcx* }kc yxbuapabdp ebx `b,bycxn,}aucp +Nx}$ =8;,=13 YFX! nyyjq }b ps`k cd}a}acp mbla`ajcm ad Jac`k}cdp}cad+Nx}$ >6 @bsd aj Xcfsjn}abd Db$ >=03"8990 ndm Nx}$ 8 P@CF!$ N Csxbycnd@b,bycxn}auc Pb`ac}q mbla`ajcm ad Jac`k}cdp}cad ap xc~saxcm }b hc cd}cxcmad }kc Yshja` Xcfap}cx ad n``bxmnd`c va}k }kc yxbuapabdp nyyja`nhjc }b NF+Nx}$ >> @bsd`aj Xcfsjn}abd Db$ >=03"8990 ndm Nx}$ 5 P@CF!$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    27/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD 83

    @b,bycxn}auc nppb`an}abdp va}k jala}cm janhaja}q +Nd}cajpfcpcjjp`kne}!

    50$ Nx}a`jcp 063 }b 0;; be }kc YFX mcnj va}k `b,bycxn}auc nppb`an}abdpva}k jala}cm janhaja}q* vka`k nxc ebxlcm hq nd sdjala}cm dslhcx be ycxpbdp

    np lclhcxp* ebx yxblb}adf }kcax `bllbd ad}cxcp}p$ Njj `b,ebsdmcxp lsp} pafd}kc ebsdmadf p}n}s}c vka`k lsp} hc nmby}cm hq }kcax `bdp}a}scd} nppclhjq$ A}ap }kcd cd}cxcm ad }kc Yshja` Xcfap}cx$

    Ls}snj adpsxnd`c ndm nppap}nd`c nppb`an}abdp +Ucxpa`kcxsdfpucxcadnse fcfcdpca}afgca} ndm kajepgnppcd!

    5=$ Nx}a`jcp =15 }b 300 be }kc YFX yxbuamc }kc xcjcund} xsjcp* ad`jsmadf}kbpc ycx}nadadf }b xcfap}xn}abd$ Ls}snj adpsxnd`c ndm nppap}nd`c nppb`an}abdpnxc `xcn}cm }b yxbuamc adpsxnd`c ebx }kcax lclhcxp ndm ndq b}kcx ycxpbdp bd

    }kc yxad`ayjc be ls}snja}q$ ]kc nx}a`jcp be nppb`an}abd be }kcpc nppb`an}abdp nxcxc~saxcm }b hc beea`anjjq ns}kcd}a`n}cm +db}nxapcm! ndm lsp} `bd}nad* nlbdfp}b}kcx }kadfp* adebxln}abd `bd`cxdadf }kc p}nx} ndm }cxladn}abd be lclhcxpkaybe njj lclhcxp$

    ]n{ jnvp

    53$ Jcfnj ycxpbdp knuadf mbla ajc8> bx ceec`}auc yjn`c be lndnfclcd}ad Jac`k}cdp}cad nxc pshoc`} }b sdxcp}xa`}cm }n{ janhaja}q$ B}kcx jcfnj cd}a}acpknuc xcp}xa`}cm }n{ janhaja}q ad xcpyc`} be ad`blc exbl nfxa`sj}sxnj bycxn}abdp*

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  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    28/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

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    Yshja` Xcfap}xq* ndm yshjapkcm np nd c{}xn`} ad }kc beea`anj fnzc}}c +Nx}$ 81>nYFX!* ad`jsmcp }kc dnlcp be }kc hbnxm lclhcxp be }kc ebxcafd `blyndq ndmdnlcp be }kc xcyxcpcd}n}auc be }kc hxnd`k hs} adebxln}abd bd }kc pknxckbjmcxpdccm db} hc yxbuamcm$ N `blyndq vka`k knp a}p kcnm~snx}cxp bs}pamc }kc CCNlsp} njpb pshla} n `byq be }kc nx}a`jcp be ad`bxybxn}abd be }kc kcnm beea`c }b}kc Yshja` Xcfap}xq +Nx}$ 13;+8!!$

    5;$ Jcfnj ycxpbdp knuadf }kcax ceec`}auc yjn`c be lndnfclcd}80 adJac`k}cdp}cad nxc pshoc`} }b sdxcp}xa`}cm `bxybxn}c ad`blc }n{ janhaja}qad Jac`k}cdp}cad* lcndadf }kcq nxc `bdpamcxcm }b hc }n{ xcpamcd} +Nx}$ ==]n{ N`}!$ Ebxcafd `blyndacp* b}kcx }knd }kbpc knuadf nyyjacm ebx hcdcea}p

    sdmcx }kc YNP* nxc bhjafcm }b `blyjc}c ndm pshla} nddsnj }n{ xc}sxdp njbdfva}k pyc`aeacm n``blyndqadf mb`slcd}p8=* vka`k `bd}nad adebxln}abd bdhcdcea`anj bvdcxp }n{nhjc ad Jac`k}cdp}cad +Nx}$ 1=+8!!$ ]kcxcebxc* ebxcafd`blyndacp knuadf }kcax yjn`c be ceec`}auc lndnfclcd}* }kbsfk }xcn}cm np }n{xcpamcd}* nxc db} jcfnjjq xc~saxcm }b yxbuamc adebxln}abd bd }kcax dbd,xcpamcd}bvdcxp }b }kc Jac`k}cdp}cad }n{ nmladap}xn}abd$

    88$ Aalyjclcd}n}abd be }kc Cjcucd}k @bsd`aj Maxc`}auc ;1"555"CC@ be 8> Mc`clhcx

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    ndm adebxln}abd bd }kc hcdcea`anj bvdcxp }n{nhjc ad Jac`k}cdp}cad$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    29/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

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    ndm lsp} knuc n yxbecppabdnj ja`cdpc appscm ad Jac`k}cdp}cad ysxpsnd} }b }kcYxbecppabdnj ]xsp}cc N`}86 bx lsp} hc nd clyjbqcc be n yxbecppabdnj }xsp}ccva}k n pyc`aea` ~snjaea`n}abd cx}aea`n}c +Nx}$ >;9n YFX!$

    69$ Ndqbdc vkb ad}cdmp }b ycxebxl }kap xbjc be >;9n Maxc`}bx sdmcxNx}a`jc >;9n be }kc YFX ap xc~saxcm }b db}aeq }kc FHBCXN +Nx}p$ =,3 Bxma,dnd`c be ; Nyxaj 8990 bd }kc Ycxebxlnd`c be N`}aua}acp sdmcx Nx}a`jc >;9n

    YFX!$ Ps`k n ycxpbd ap xc`bfdapcm np n lclhcx be }kc lndnfclcd} be }kcjcfnj cd}a}q ne}cx xcfap}xn}abd$ @kndfcp }b }kap adebxln}abd lsp} njpb hc db}a,eacm }b FHBCXN$ ]kc FHBCXN knp ns}kbxapcm 308 ycxpbdp }b ycxebxln`}aua}acp sdmcx Nx}a`jc >;9n be }kc YFX$

    6>$ Jac`k}cdp}cad knp nmuapcm }kn} 56 be }kcpc 308 >;9n Maxc`}bxp nxc db}xcpamcd} ad Jac`k}cdp}cad hs} xcpamcd} ad nd CCN Lclhcx P}n}c ndm nxc ad ndclyjbqlcd} xcjn}abdpkay va}k nd clyjbqcx xcpamcd} ad Jac`k}cdp}cad ndm knucJac`k}cdp}cad np }kcax yjn`c be ms}q$ @kny}cx A[ be }kc ]xsp}cc N`} mcnjp va}kExccmbl }b yxbuamc pcxua`cp$ @a}azcdp be n `bd}xn`}adf ynx}q be }kc CCNnxc ns}kbxapcm }b hc >;9n Maxc`}bxp ae }kcq nxc ns}kbxapcm }b `nxxq bs} palajnx

    n`}aua}acp sdmcx }kc yxbuapabdp be }kcax `bsd}xq be bxafad$ Ps`k ycxpbdp nxcdb} bhjafcm }b knuc nd beea`c ad Jac`k}cdp}cad +Nx}$ =; ]xsp}cc N`}!$ Kbvcucx*}kc msc majafcd`c eajcp }kcq nxc bhjafcm }b lnad}nad* `bd}nadadf ad}cx njan`sp}blcx msc majafcd`c +@MM! ndm }xndpn`}abd xc`bxmp* lsp} hc p}bxcm ad njb`n}abd ad Jac`k}cdp}cad }kn} ap n``cppahjc n} ndq }alc +Nx}$ 8;+3! MMB! +npmcp`xahcm hcjbv!$

    83$ @blyndacp* cp}nhjapklcd}p* ebsdmn}abdp ndm }xsp} cd}cxyxapcp va}k jcfnj ycxpbdnja}q$

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    86$ N ja`cd`c exbl }kc Eadnd`anj Lnxgc} Ns}kbxa}q ap xc~saxcm ad bxmcx }b vbxg np

    n yxbecppabdnj }xsp}cc +Nx}$ > ]xsp}cc N`}!$ Ps`k n ja`cd`c njjbvp }kc kbjmcx }b

    ycxebxl bd n yxbecppabdnj hnpap* nlbdfp} b}kcx n`}aua}acp* }kc hbnxm lndmn}cp ad

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    b}kcx fxbsdmp +Nx}$ 6+0!!$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    30/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    8; @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD

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    bd n yxbecppabdnj hnpap ndm bd n``bsd} be n }kaxm ynx}q* n`} np ynx}dcxp be nynx}dcxpkay bx n fbucxdadf hbmq bx fcdcxnj lndnfcxp be n jcfnj cd}a}q bx `nxxqbs} n `blynxnhjc esd`}abd bd n``bsd} be n }kaxm ynx}q nxc njpb pshoc`} }b }kcMMN bhjafn}abdp +Nx}$ 0+>!+}!!$

    60$ Sdmcx }kc MMN* bhjafcm cd}a}acp* vka`k ad`jsmcp eadnd`anj adp}a}s}abdpnp vcjj np >;9n Maxc`}bxp81* lsp} amcd}aeq }kc bvdcxpkay ndm `bd}xbj p}xs`}sxcbe }kcax sp}blcxp ndm lsp} }ngc lcnpsxcp }b ucxaeq }kap adebxln}abd +Nx}$ 6!$]kc mceada}abd be hcdcea`anj bvdcx ebx maeecxcd} cd}a}acp ap faucd ad Nx}$ 0 be}kc Msc Majafcd`c Bxmadnd`c +MMB!$ Ad }kc `npc be `blyndacp* }kc bhjafcm

    cd}a}q lsp} amcd}aeq dn}sxnj ycxpbdp vkb maxc`}jq bx admaxc`}jq? kbjm bx `bd}xbjpknxcp bx ub}adf ybvcx be 83# bx lbxc ad }kc jcfnj cd}a}q7 xc`cauc 83# bxlbxc be }kc yxbea}p be }kc jcfnj cd}a}q7 bx c{cx`apc `bd}xbj bucx }kc lndnfc,lcd} be }kc jcfnj cd}a}q ad ndb}kcx vnq$

    6=$ ]kc bhjafcm cd}a}acp lsp} gccy }kc adebxln}abd ndm mb`slcd}p ebx n}jcnp} }cd qcnxp +Nx}$ 89 MMN!$ ]kc msc majafcd`c eajcp* bd}nadadf* nlbdfp} b}kcxmb`slcd}p* }kc xc`bxmp spcm }b cp}nhjapk ndm ucxaeq }kc amcd}a}q be }kc `sp}blcxndm a}p hcdcea`anj bvdcxp np vcjj np }xndpn`}abd xc`bxmp* lsp} hc p}bxcm n} n jb`n,}abd va}kad Jac`k}cdp}cad }kn} ap n``cppahjc n} ndq }alc +Nx}$ 8;+3! MMB!$

    63$ Jcfnj ycxpbdp vkb* ysxpsnd} }b }kc `bllcx anj `bmc bx b}kcx pyc anjjnv* nxc xc~saxcm }b knuc n ~snjaeacm lndnfcx* nxc c{cly} exbl }kc bhjafn}abd }b

    8;$ Np ycx Nx}a`jc 0+>!+b! be }kc MMN* }kc NLJ yxbuapabdp nyyjq }b }kc kbjmcxp be n

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    dcx be n ynx}dcxpkay bx n fbucxdadf hbmq bx fcdcxnj lndnfcx be n jcfnj cd}a}q bd

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    n }kaxm ynx}q$

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    n``cy} bx p}bxc bx aducp} bx }xndpecx nppc}p7 ndm yxbecppabdnj c{}cxdnj n``bsd}nd}p$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    31/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD 81

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    nddsnj nsma}p +Nx}$ >13 YFX!$ Nsma}p lsp} hc `bdms`}cm hq ja`cdpcm nsma}bxpbx nsma} eaxlp bx ja`cdpcm }xsp}ccp bx }xsp} `blyndacp$ Ndq ycxpbd nxxqadf bs}nsma}p bd n yxbecppabdnj hnpap ap nd bhjafcm cd}a}q sdmcx Nx}$ 0+>!+s! be }kc MMN$Np n xcpsj}* }kc nsma}bxp be }kcpc cd}a}acp lsp} njpb lnad}nad bvdcxpkay adebxln,}abd bd }kcax `sp}blcxp ad n``bxmnd`c va}k }kc MMB

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

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    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

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    FHBCXN* a} ap ybppahjc }b mcybpa} }kc mb`slcd}p bd}nadadf }kc en`}p ndm xcjn}abd,

    pkayp }b hc xcybx}cm adp}cnm +Nx}$ 119 YFX!$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    37/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD 03

    xcpamcd} ad Jac`k}cdp}cad xcfnxmadf }kcax ynqlcd}p +Nx}$ 11!$ ]kcxcebxc* }kc}xsp}ccp lsp} knuc adebxln}abd bd ynqlcd}p }b }kc hcdcea`anxacp xcpamcd} adJac`k}cdp}cad$ ]kcxc ap db xc~saxclcd} }b yxbn`}aucjq yxbuamc }kap adebxln}abd}b }n{ ns}kbxa}acp$

    Ebxcafd }xsp}p

    >98$ Jac`k}cdp}cad knp db xcp}xa`}abdp va}k xcfnxm }b a}p xcpamcd}p n`}adf np}xsp}ccp bx nmladap}xn}bxp be }xsp}p ebxlcm sdmcx ebxcafd jnv$ Jac`k}cdp}cadjnv nyyjacp }b n ebxcafd }xsp} ae }kc }xsp}ccp bx lbxc }knd knje be }kc }xsp}ccpnxc xcpamcd} ad Jac`k}cdp}cad$ A} njpb nyyjacp }b n ebxcafd }xsp} ae }kc }xsp}yxbycx}q ap ad Jac`k}cdp}cad bx }kc }xsp} mccm yxbuamcp ebx }kap$ ]kcpc }xsp}pnxc pshoc`} }b }kc pnlc bhjafn}abdp }b xcfap}cx bx mcybpa} }kcax }xsp} mccmp npJac`k}cdp}cad }xsp}p$ Pblc }xsp}p nmladap}cxcm ad Jac`k}cdp}cad +hs} va}k jcpp}knd knje be }xsp}ccp xcpamcd} ad Jac`k}cdp}cad! lnq enjj bs}pamc }kcpc ynxnl,c}cxp ndm }kcxcebxc db} hc bhjafcm }b xcfap}cx bx pshla} }kcax }xsp} mccm }b }kcns}kbxa}acp$ Kbvcucx* }b }kc c{}cd} }kn} ndq be }kc }xsp}ccp nxc yxbecppabdnj}xsp}ccp }kcq nxc pshoc`} }b NLJ bhjafn}abdp +pcc hcjbv* pcxua`c yxbuamcxp!$

    >90$ ]xsp}p lnq hc `xcn}cm ad Jac`k}cdp}cad ysxpsnd} }b ebxcafd jnv ae}kc }xsp} mccm pb yxbuamcp bx ae n lnobxa}q be }kc }xsp}ccp nxc xcpamcd} bs}pamcbe Jac`k}cdp}cad$ Ad }kcpc `npcp* }kc xcjn}abdpkay hc}vccd }kc pc}}jbx* }xsp}ccndm hcdcea`anxacp ap pshoc`} }b }kc ebxcafd jnv fbucxdadf }kc }xsp} ndm ae }kap`kba c ap db} nyynxcd} ad }kc mccm }kcd }kc nyyja`nhjc jnv ap }kn} be }kc p}n}c ad

    vka`k }kc }xsp}cc bx }kc lnobxa}q be }xsp}ccp knuc }kcax xcpamcd`c bx mbla`ajc$Kbvcucx* }kc xcjn}abdpkayp hc}vccd ndq }kaxm ynx}acp ndm }kc }xsp} nxc pshoc`}}b Jac`k}cdp}cad jnv +Nx}$ 10> YFX!$

    Pcxua`c yxbuamcxp

    >9=$ Yxbecppabdnj }xsp}ccp ndm }xsp} `blyndacp lsp} `bdms`} @MM +Nx}$0+>!+g! MMN!03$ Jac`k}cdp}cad ns}kbxa}acp knuc adma`n}cm }kn} }kc ~scp}abd bevkc}kcx pcxua`cp nxc yxbuamcm bd n yxbecppabdnj hnpap ap nppcppcm bd n `npc,hq,`npc hnpap ndm }kcxc nxc db ~snd}a}n}auc }kxcpkbjmp$ A} ap ybppahjc }kn} ndbd,yxbecppabdnj }xsp}cc `nd hc ad yjn`c ndm }kap }qyc be }xsp}cc +c$f$ n yxaun}cadmauamsnj lndnfadf n enlajq }xsp}! ap db} nd bhjafcm ynx}q sdmcx }kc MMN$

    >93$ Vkcxc }kc }xsp} `bdms`}p eadnd`anj n`}aua}q ad Jac`k}cdp}cad* }kc xcj,cund} eadnd`anj adp}a}s}abd va}k vka`k a} }xndpn`}p hspadcpp ap njpb nd bhjafcmcd}a}q sdmcx }kc MMN ndm lsp} }kcxcebxc amcd}aeq }kbpc dn}sxnj ycxpbdp vkbsj}aln}cjq c{cx`apc maxc`} bx admaxc`} `bd}xbj bucx }kc nppc}p be }kc nxxndfc,lcd} np vcjj np }kc hcdcea`anxacp vkb knuc n} jcnp} n 83# ad}cxcp} ad }kc }xsp}$

    03$ ]kcq nxc `bucxcm sdmcx }kc NLJ jnvp* ae }kcq ycxebxl }kc n`}aua}acp xcecxxcm ad

    ynxnfxnyk >+n!* +h!* +c!* +e! bx ynxnfxnyk 8 be Nx}a`jc 6 be }kc ]xsp}cc N`}$

  • 8/4/2019 Peer Review Report - Phase 1: Liechtenstein 2011

    38/98

    YCCX XCUACV XCYBX] YKNPC >? JCFNJ NDM XCFSJN]BXQ EXNLCVBXG JAC@K]CDP]CAD BC@M 89>>

    05 @BLYJAND@C VA]K ]KC P]NDMNXMP? NUNAJNHAJA]Q BE ADEBXLN]ABD

    @bd`jspabd

    >95$ Ebx mblcp}a` }xsp}p* }kc xc~saxclcd} }kn} n }xsp} mccm hc ad yjn`c*pyc`aeqadf }kc pc}}jbx ndm }xsp}cc* `bsyjcm va}k xcfap}xn}abd xc~saxclcd}p*

    cdpsxcp }kc nunajnhaja}q be }kap adebxln}abd$ Sdmcx }n{ jnvp* }kc }xsp}* npyc`anj nppc} mcma`n}abd* lsp} gccy adebxln}abd bd }kc ynqlcd}p lnmc }bhcdcea`anxacp xcpamcd} ad Jac`k}cdp}cad$ Sdmcx }n{ jnvp db adebxln}abd bd}kc dbd,xcpamcd} hcdcea`anxacp dccmp }b hc gcy} ndm adebxln}abd bd xcpamcd}hcdcea`anxacp lnq njpb db} hc nunajnhjc ae }kc }xsp} n``slsjn}cp }kc hcdcea}pndm db map}xahs}abdp nxc lnmc$ Pcxua`c yxbuamcxp nxc bhjafcm }b amcd}aeq hcd,cea`anxacp kbjmadf n} jcnp} n 83# ad}cxcp} ad }kc }xsp} +NLJ jnv!$

    >96$ Jac`k}cdp}cad xc`bfdapcp }xsp}p ndm knp nd n`}auc xcfsjn}cm }xsp}pc`}bx$ Np n xcpsj}* }xsp}p va}k hb}k jb`nj ndm ad}cxdn}abdnj hcdcea`anxacp

    nxc `bllbdjq lndnfcm hq yxbecppabdnj ja`cdpcm eams`anxacp pa}sn}cm adJac`k}cdp}cad$ Kbvcucx* }xsp}ccp `nd hc sdxcfsjn}cm ycxpbdp ae }kcq nxc db}mbadf pb hq vnq be hspadcpp$ Ad }kbpc `ax`slp}nd`cp* }kc }xsp} vajj p}ajj hcpshoc`} }b Jac`k}cdp}cadp NLJ"@E] exnlcvbxg vkcd }xsp}cc? +a! bycdp ndn``bsd} bx cp}nhjapk n xcjn}abdpkay xcjn}cm }b }kc }xsp} va}k n Jac`k}cdp}cadhndg bx b}kcx ja`cdpcm eams`anxacp pshoc`} }b }kc NLJ"@E] exnlcvbxg7 bx+aa! ysx`knpcp bx pcjjp ndq xcnj yxbycx}q ebx }kc }xsp} uan n jnvqcx bx b}kcx yxb,ecppabdnj vkb vbsjm njpb hc pshoc`} }b }kc NLJ"@E] exnlcvbxg$ N yb}cd}anjdnxxbv fny xclnadp be }kbpc }xsp}p vka`k knuc n dbd,yxbecppabdnj }xsp}cc ndmdb eadnd`anj n`}aua}acp ad Jac`k}cdp}cad$ Jac`k}cdp}cad pkbsjm lbda}bx }kap fny

    }b cdpsxc a} mbcp db} ad ndq vnq knlycx }kc ceec`}auc c{`kndfc be adebxln}abdad }n{ ln}}cxp$

    >9;$ ]kc nunajnhaja}q be adebxln}abd bd }kc }xsp}ccp* pc}}jbx ndm hcdcea`anx,acp be ebxcafd }xsp}p nmladap}cxcm ad Jac`k}cdp}cad vajj mcycdm bd }kc nyyja`n,}abd be NLJ bhjafn}abdp hq pcxua`c yxbuamcxp$

    Ebsdmn}abdp +]bX N$>$3!

    >91$ N ebsdmn}abd ap n jcfnjjq ndm c`bdbla`njjq admcycdmcd} pyc`anj,ysxybpc esdm* ebxlcm }kxbsfk n sdajn}cxnj mc`jnxn}abd be vajj be }kc ebsdmcxp}b pcxuc n pyc`aeacm ysxybpc$ ]kap }qyc be cd}a}q ap bllbdjq spcm ebx yxaun}cvcnj}k lndnfclcd} be admauamsnjp ndm enlajacp$ ]kc ladalsl `nya}nj be nebsdmn}abd ap @KE 09 999 bx CSX 09 999 bx SPM 09 999$ Jac`k}cdp}cad knm=9 >69 yxaun}chcdcea} ebsdmn}abdp ndm &g


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