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Straits Times
5 days ago
- Business
- Straits Times
Under US pressure, Liechtenstein seeks fix for stranded Russian wealth
A flag of Liechtenstein flutters in front of the Vaduz Castle near Vaduz, Liechtenstein, March 3, 2025. REUTERS/Denis Balibouse/File Photo A sign of the Principality of Liechtenstein is seen in front of the Vaduz Castle in Vaduz, Liechtenstein, March 3, 2025. REUTERS/Denis Balibouse/File photo A view of the State Parliament and government buildings in Vaduz, Liechtenstein, March 3, 2025. REUTERS/Denis Balibouse/File Photo VADUZ, Liechtenstein - Liechtenstein is examining tightening control of scores of Russian-linked trusts abandoned by their managers under pressure from Washington, according to several people familiar with the matter. The country, one of the world's smallest and richest, is home to thousands of low-tax trusts, hundreds of which have links to Russians, two of the people with direct knowledge of the matter said, putting it in the crosshairs of Western efforts to sanction Moscow. Since Russia's invasion of Ukraine, the U.S. Treasury has sanctioned several individuals and trusts in Liechtenstein it said were linked to Russian oligarchs, including Vladimir Potanin, and a long-time ally of Russian President Vladimir Putin, Gennady Timchenko. The U.S. Treasury had no immediate comment. Potanin's Interros holding company did not respond to a request for comment, while Timchenko could not be reached. That sanctioning has prompted other directors fearing such punishment to quit hundreds of Russian-linked trusts, according to several people familiar with the matter, exposing a far wider problem with Russian money in the tiny country with a population of about 40,000. The episode, in a sleepy Alpine enclave ruled by a billionaire royal family, also shows how deep and opaque Russia's business ties to Europe remain more than three years after Russia's invasion of Ukraine. It is a setback for the microstate that had long sought to shed its image as a safe haven for foreign wealth. The mass resignations have put scores of trusts in limbo, essentially freezing swathes of Russian wealth. The trusts are the linchpin for fortunes, including yachts or property, that are scattered around the globe. Their suspension puts that property beyond reach, a further potential lever over Russia, amid attempts by U.S. President Donald Trump to strike a peace deal. Reuters has spoken to several people with direct knowledge of these events, who asked not to be identified because of the sensitivity of the matter. They outlined how a push by Washington had led scores of directors to quit trusts with links to Russia and how the government was scrambling to resolve the crisis. Liechtenstein's newly elected government is seeking to fix the issue, according to people familiar with the matter, underscoring the continued pressure from Washington over Russia sanctions, despite U.S. President Donald Trump's earlier suggestions he could ease them. Liechtenstein also sees its handling of sanctions enforcement as something that could influence its government's efforts to lower newly imposed U.S. tariffs on exports, said one person with direct knowledge of the discussions. A Liechtenstein government official said 475 trusts were affected by the defections, although added that not all were linked to Russians or sanctioned individuals. That official said Liechtenstein's justice department was seeking to install new managers to 350 trusts, while 40 were being liquidated and unsuccessful attempts had been made to appoint a liquidator to further 85 trusts. This episode strikes at the trust industry, a critical pillar of Liechtenstein's roughly 770 billion franc ($930 billion) financial centre that underpins the country's economy. Local banks, the government official said, were also affected, without elaborating. Banks are particularly vulnerable because the United States has the power to throttle them by cutting off their access to the dollar, threatening a wider crisis. The episode has confronted the country with its biggest crisis since 2008, when leaked customer data at LGT Bank, owned by the country's princely family, exposed widespread tax evasion. The government is now examining options to centralise the management of the deserted trusts under its watch and tightening supervision of trusts. The Liechtenstein official also said the country's authorities were in contact with their international counterparts and that no trust assets would be released to sanctioned individuals. Liechtenstein, sandwiched between Switzerland and Austria, is dominated by its royal family, whose castle towers over the parliament. It is tied closely to Switzerland, using its franc currency, but also enjoys freedom to do business in the European Union's single market. The country, criticised for hiding the fortunes of the wealthy in the past, had reformed and joined the International Monetary Fund. Once home to roughly 80,000 tax trusts, it now hosts about 20,000, said two people familiar with the matter - equivalent to roughly one trust for two residents. Pressure on Liechtenstein follows a similar push against neighbouring Austria and Switzerland. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
West Australian
7 days ago
- Business
- West Australian
Nationals MLA for Albany Scott Leary delivers moving inaugural speech in State Parliament
Albany's new MLA Scott Leary delivered a moving inaugural address in State Parliament last week, drawing laughter and even a collective 'aw' from the sitting members. Mr Leary's 17-minute speech on May 20 began with an apology after his phone went off during the preceding speech: 'As a volunteer firefighter in the Kalgan Volunteer Fire Brigade you can have whatever setting you like on the phone, but the BART system will override it.' In the wide-ranging address, Mr Leary described his humble journey into politics, from leaving school after Year 10 to rising through the corporate ranks at Westpac and Albany City Motors. 'As a proposed used car salesman — although I was a director and a financial controller — I am grateful that the chamber has lawyers and real estate agents to keep me off the bottom of the ladder,' he said to chuckles from the sitting members. He also laid out his priorities as Albany's first Nationals MLA in 70 years: regional health care, roads and transport links, backing local business, opportunities for young people, protecting the environment and increasing housing stock. He detailed the 'extraordinary natural beauty and immense historical significance' of the electorate, touching on the ancient and continuing custodianship of the land by the Menang Noongar people, the city's forthcoming bicentenary, and its 'proud' role as the home of the Anzac. 'Albany has always been central to Western Australia's story,' he said. 'It is a story of discovery, of courage, of community. 'Together, with pride in our past and hope in our future, we will write its next and greatest chapters.' He also noted the region's economic weight, though unfortunately appeared to get his facts wrong, saying that 'Our region makes up approximately 20 per cent of the number of Western Australians who live outside the greater metro area, but we contribute up to 60 per cent of the State's GDP.' The Great Southern makes up 9 per cent of the State's regional population and contributes 1.3 per cent to its gross regional product, according to data published by the Department of Jobs, Tourism, Science and Innovation in its 2024 WA Economic Profile. But it wasn't all business for the former financial director, who took the time to thank the family members, friends, colleagues and mentors who had helped him along the way, choking up as he spoke of his 'amazing' sons. 'Of all the things I have done in my life, the greatest achievement I am most proud of is the sons and the men they have become,' Mr Leary said, drawing a collective 'aw' from the audience. He went on to thank the people of Albany, Mt Barker and the Great Southern for placing their trust in him, which he said he carries 'with deep humility and a fierce determination to serve'. 'Today is one of the proudest days of my life,' he said. Nationals leader Shane Love and Opposition Leader Basil Zempilas were among the throng surrounding Mr Leary with Mr Zempilas caught on the mic telling the newly elected member 'beautiful speech, well done'.
West Australian
27-05-2025
- Politics
- West Australian
Former MLC Darren West labels O'Connor as ‘Australia's dumbest electorate'
A former member of WA's Upper House has labelled O'Connor as 'Australia's dumbest electorate' for re-electing Liberal MP Rick Wilson. In now-deleted comments on his Facebook page made on May 4, Darren West called Mr Wilson 'Australia's dumbest politician'. 'Australia's dumbest politician re-elected by Australia's dumbest electorate,' the comment reads. The comments were posted in response to debate around former Federal Liberal leader Peter Dutton's proposal to build a nuclear power plant in Collie. Mr Wilson labelled the comments as 'appalling', and said he found the comments about the people of O'Connor 'offensive'. 'The really disappointing thing about those comments is that he can say whatever he likes about me, but his comments regarding the people of O'Connor . . . I find it really offensive,' he said. 'It's a shame that he didn't make those views about the people of O'Connor when he was still in the Parliament. 'I think it says a fair bit about Darren West, and some of the other comments that he's made on social media reflect far more on him than it does on me.' Mr Wilson secured his fifth term in office at the Federal election on May 3, with a 6.5 per cent swing to the Liberal member. Mr West, a Jennacubbine farmer and former chair of the Wheatbelt Development Commission, was first elected to State Parliament in 2013 for the Agricultural region. In his time in office, Mr West occupied the role of parliamentary secretary for agriculture, energy, environment and climate action. He delivered his final speech to WA State Parliament on May 21 after deciding to not contest the seat at the 2025 WA State election. When asked if he wanted to clarify or comment on his Facebook comment, Mr West doubled down and said he thinks the 'comments speak for itself'. 'I sort of don't understand why people in O'Connor would vote for a nuclear reactor in their electorate and vote for government intervening in markets and higher taxes,' he said. 'But they did, and that was my view. 'Rick Wilson — I don't think it's a surprise to anybody — is certainly not the sharpest chisel in Federal Parliament. 'I don't think there's really much need to elaborate on that.' Misnaming Mr West as Darren Foster, Premier Roger Cook described the comments as disrespectful of an outgoing member of Parliament to media on May 6. 'Those words are not respectful, and I think everyone should be respectful in the community,' he said.
West Australian
21-05-2025
- Politics
- West Australian
Nationals and Liberals team up to try and revoke firearm act reform
Liberal and National MPs in State Parliament are set to fail in their bid to dump Labor's new firearm rules, as the Government accused the Opposition of risking community safety. The disallowance motion against the Government's tough gun laws, moved by Nationals leader Shane Love on Wednesday, resulted in the Liberals joining calls for the regulations to be rewritten. Mr Love pledged at the election to roll back the regulations made in in 2024's Firearm Act, which limits the number of guns owners can have. It came after the issue led to tensions between the Nationals and Liberals when Mr Love said he would not form government with the Liberals if they did not support disallowing the firearm reforms. 'People in regional Western Australia, especially, have a deep understanding of the need for firearms in their community,' he said on Wednesday. 'Not only for the control of pest species on their land but also as one of their recreational pursuits and a way of ensuring that the community's health, their mental health, is taken care of because for many people that activity of firearm use is their recreation. 'Taking that away from them is making people feel really under threat and has been very, very poorly executed by this Government and is fundamentally politically based, not based on the needs of public safety.' Premier Roger Cook warned that the move could risk community safety. 'WA is safer today because of our gun law reforms, Western Australians live in a safer community because of our gun law reforms, so it's very disturbing to see that the Nationals are going forward with their disallowance motion, which will put these laws into disarray,' he said. 'That's incredibly concerning, it's a choice about whether you own a gun but it's a right to know that you are safe living in Western Australia and that's what these gun laws are in there to do.' Mr Love refuted the suggestion. 'I'd say that's bumpkin, we're not trying to jeopardise community safety but what we're not about is imposing on the community a whole range of unworkable regulations and laws which are actually unjustifiably making people feel that they've been victimised by their own,' he said. Opposition Leader Basil Zempilas conceded that Labor's commanding majority meant the motion was doomed to fail. 'We all know the numbers in this place, this is not going to pass but this is an opportunity for the opposition parties to make the point on behalf of police and doctors that large elements of these regulations are unworkable,' he said. 'What I'm doing is exactly what I just said, we're using the parliamentary procedures available to us to support police and to support doctors who have said large elements of these regulations are unworkable. 'We always said, and everybody knows this, we always said this legislation did not get the proper scrutiny. It was rushed through.'
West Australian
20-05-2025
- Politics
- West Australian
Mia Davies: ‘It takes courage and conviction to step into the political arena'
Congratulations to everyone that saw the opportunity to make a difference for our nation and stepped up to contend as a candidate at this Federal election. It takes courage and conviction to step into public arena to test yourself, many do not. To Matt Moran and Trish Cook, with the result still undecided in Bullwinkel, I wish you both the very best. The first Member for Bullwinkel will have a special place in our nation's history, just like that courageous woman it is named for. I know we all understood the privilege it was to contest the election as a candidate and speak of Sister Vivian Bullwinkel as its namesake. I have always been a firm believer that The Nationals brand of representation and advocacy, our approach to policy and politics, is something more Australians deserve. The contest was always going to be a challenge for The Nationals, but that was not a reason to vacate the space. We fight fiercely for our electorates, we bring commonsense to the debate, and have a track record of delivering for our constituencies – most of which are vast, diverse and challenging to service. I thank David Littleproud and his Federal team for their support throughout the campaign. Too often the value of our team and its contribution to a stable Government or Opposition is underestimated or diminished by those that would prefer to see us gone. I remind those that have been devising or reporting on our demise for decades that we are still here, fighting and making a difference. I joined our Party to do just that. To make a difference. To give people in communities we represent a voice, and to fight so they could plan a future that meant they could thrive instead of just survive. For seventeen years in the State Parliament I did that to the very best of my ability. Thank you to the good and decent people of the Central Wheatbelt who supported me to represent them for three terms, after four years of representing communities from Northampton to Esperance in the Legislative Council. Taking a seat at the biggest decision-making table in our State will remain one of the greatest privileges and highlights of my time in politics. Sitting alongside this are the moments in my constituency that never made it to the paper but improved the lives of people who work hard, do the right thing and quietly go about life. Two years ago I started contemplating life after politics and announced I would not be contesting the 2025 State election. It was time for a change and a new challenge. Less than year ago the new Federal electorate of Bullwinkel was created. The new seat, plus the policy positions emerging from an east-coast centric Federal Labor Government that were undermining and destroying businesses, industry and communities I'd spent twenty years representing, caused me to examine my own conscience. This wasn't the election to sit on the sidelines. In my family, we have a saying — it's actually written on my Dad's gravestone — if you think you can make a difference, you should. That means stepping into the arena ready to have a fight whether you think you'll win, draw or lose. On this occasion we lost. But that does not equate to a lack of effort or conviction, and I thank those people who joined our campaign as we sought to garner support from communities and voters that had never voted Nationals before. Some have been members and volunteers, supporters and friends for many years. Others have found their way to our Party for the very first time. We ran a campaign with energy, integrity and a positive message for the electorate and I sincerely thank everyone that joined us for the journey. The end of this campaign draws a line under a chapter of my life that has been dominated by politics. It has been exhilarating and demanding, but above all, rewarding. I hope there is something out there that will give me the same satisfaction I have gained from serving the Central Wheatbelt and State in Parliament for seventeen years. I look forward to that challenge. Thank you! Mia Davies was a candidate for the Federal seat of Bullwinkel and the former state Opposition leader
