Liechtenstein

The Principality of is a tiny, landlocked country tucked away between Switzerland and Austria and with mountain slopes rising above the Rhine valley.

It owes much of its wealth to its traditional status as a low tax haven, though the country has in recent years taken steps to shake off its image as a tax haven and to reposition itself as a legitimate financial centre.

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This status came under the spotlight in 2000 when two international reports criticised for lax financial controls. The reports said that the banking system enabled gangs from Russia, Italy and Colombia to launder money from their criminal activities.