Current Developments in Legislation

Legislative Update: Statutory Amendments to the Auditor Act, AIA Act, and FATCA Act

In the course of implementing Regulation (EU) 2018/1807 on the free flow of non‑personal data (“Free Flow of Data Regulation”) in Liechtenstein, amendments have been enacted to the Auditor Act, the AIA Act, and the FATCA Act. The legislative modifications pertain, in particular, to the processing and availability of data, the regulatory framework governing the Automatic Exchange of Information, and the supervisory requirements applicable within the field of statutory auditing. The objective of these amendments is the modernization and international harmonization of the relevant statutory provisions, while simultaneously ensuring the continued enforceability of governmental access rights. The amendments entered into force on 1 January 2026.

Case Law Update

Constitutional Court [StGH] Ruling on Ukraine Sanctions: Indirect Control

In its judgment of 24 March 2025 (U 24.03.2025, StGH 2024/112), the Liechtenstein Constitutional Court [StGH] held that assets belonging to non‑sanctioned third parties may also be subject to sanctions if they are under the control of a sanctioned person. The sanctions regime takes into account indirect control once it reaches a certain degree of intensity. Whether such control exists can be determined on the basis of circumstantial indicators. The affected parties may rebut these indicators.

Supreme Court [OGH] Decision on OFAC Sanctions: Bank’s Right to Withhold Performance

In its judgment of 7 November 2025 (U 07.11.2025, 09 CG.2024.49), the Liechtenstein Supreme Court [OGH] confirmed that a bank is entitled to refuse performance vis‑à‑vis customers who are listed by the U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC), as Specially Designated Nationals (SDNs). The legal basis for this right derives from § 1009 of the Civil Code [ABGB] as well as Articles 73, 79, and 246 of the Banking Act [BankG].