AGP Executive Report

Banking Results: Liechtensteinische Landesbank (LLB) lifted first-half 2026 profit 15.3% to SFr105.0m, helped by higher operating income and lower expenses, while client assets under management hit a record SFr115bn and net new money rose to SFr2.2bn. Sanctions Alignment: The EU welcomed eight non-EU countries—including Liechtenstein—agreeing to align with new restrictive measures against Belarus, expanding curbs on military-linked goods, technology and crypto-asset activity. Cyber & Privacy: France’s tax authority (DGFiP) disclosed a breach affecting 678,000 people and businesses after attackers used stolen credentials to access sensitive tax data, raising fresh privacy and fraud risks. Wealth & Appointments: LGT Wealth India named Harsh Agarwal as Chief Investment Officer for equities, while VP Bank Singapore appointed Vincent Koo as Chief Risk Officer. Trade Policy: The US announced Section 232 tariffs on imported drones and components, with duties up to 100% for sensitive categories; qualifying allied markets including Liechtenstein face lower rates. Royal/Finance Links: Pope Leo XIV appointed Liechtenstein Princess Gisela Bergmann to the Vatican’s Council for the Economy, adding a finance and engineering background to oversight of Vatican finances.

Liechtenstein in EU sanctions: The EU says eight non-EU countries, including Liechtenstein, will align national rules with the bloc’s expanded sanctions on Belarus over support for Russia’s war. The package tightens controls on military and “dual-use” goods and broadens limits on Belarus’s crypto-asset activity, while keeping exemptions for public internet infrastructure. Cybersecurity & data risk: France’s tax authority (DGFiP) disclosed a breach affecting 678,000 people and businesses after attackers used stolen credentials to access financial and property-related records—without taking passwords from impots.gouv.fr. Finance leadership in Asia: LGT Wealth India appointed Harsh Agarwal as Chief Investment Officer for equities, adding to the Liechtenstein-headquartered group’s push in India. Bank risk governance: VP Bank’s Singapore branch named Vincent Koo Chief Risk Officer, effective 24 August, to strengthen risk and operational controls. Vatican finance ties: Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Council for the Economy, bringing private-wealth expertise to Vatican budget oversight. US drone tariffs: The White House announced Section 232 tariffs on imported drones and components—up to 100% for sensitive models—while offering lower rates for qualifying allied markets including Liechtenstein.

Vatican Finance Overhaul: Pope Leo XIV has appointed Liechtenstein Princess Gisela Bergmann to the Council for the Economy, bringing private-wealth and engineering credentials to the Vatican’s budget and financial oversight. Liechtenstein Governance & Succession: The Princely House has moved to absolute primogeniture, giving female descendants equal participation rights and changing the line of succession to the first-born child regardless of gender. Wealth Management Appointments: LGT Wealth India named Harsh Agarwal as Chief Investment Officer for equities, expanding the Liechtenstein-headquartered group’s investment leadership in Asia. Banking Risk Leadership: VP Bank’s Singapore branch appointed Vincent Koo as Chief Risk Officer, effective 24 August, strengthening risk and operational controls as it grows regionally. Cyber & Data Security: France’s tax authority breach exposed detailed tax and withholding data for 678,000 people and businesses, renewing EU privacy and government data-transfer concerns. US Trade Policy Shock: The US announced Section 232 tariffs on imported drones and components, with duties up to 100% for sensitive systems; qualifying EU/EEA partners including Liechtenstein face lower rates. Local Business Linkages: Thailand’s EFTA deal talks highlight new market access and services/investment opportunities for Liechtenstein-linked trade.

Succession Reform: Liechtenstein formally launched historic Princely House rule changes, shifting from male-preference primogeniture to absolute primogeniture and granting female descendants equal participation rights, with the first-born child (any gender) set to inherit. Wealth & Banking Appointments: LGT Wealth India named Harsh Agarwal as Chief Investment Officer, Equities, while VP Bank’s Singapore branch appointed Vincent Koo as Chief Risk Officer effective 24 August 2026, reinforcing governance as the bank expands in Asia. Vatican Finance & Liechtenstein Links: Pope Leo XIV appointed Liechtenstein’s Princess Gisela Bergmann to the Vatican’s Council for the Economy, bringing private-wealth and trust expertise into oversight of Vatican budgets. Cyber & Data Security: Liechtenstein reiterated it will not pay ransom after a major data breach, as officials weigh scenarios amid uncertainty over attackers. US Trade Policy Impact (Drones): The US announced Section 232 tariffs on imported drones and components—up to 100% for sensitive systems (including thermal imaging) and 25% for smaller models—with lower rates for qualifying allied supply chains that include Liechtenstein. International Business Outreach: Iraq’s finance minister met Princess Astrid of Liechtenstein to discuss investment opportunities and economic cooperation, including non-oil revenue and reforms.

US Trade Policy: President Trump signed a Section 232 proclamation imposing new tariffs on imported drones and key components, with 100% duties for selected “sensitive” systems (including drones over 25kg and thermal-imaging drones) plus docking stations and certain critical parts, while 25% applies to smaller drones and other less-sensitive components; the regime starts in 21 days (components later, up to 180 days). Liechtenstein in the Tariff Map: Qualifying imports from Liechtenstein (along with the EU, Japan, South Korea, Switzerland and Taiwan) face a 15% cap, but only if substantially all critical technology and components originate in approved markets. Local Security & Finance: Liechtenstein says it will not pay ransom after a major data breach hit its registry of foundations and trusts, with officials still assessing scenarios and legal constraints. Vatican–Liechtenstein Link: Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth management experience into financial oversight. AI & Media Business: Meta’s AI push for news content expands via a partnership with Newsmax, raising questions about reliability and political narratives. Monetary Policy Context: A roundup highlights countries that rely on foreign currencies instead of issuing their own, underscoring trade-offs in monetary control.

US Drone Tariffs: President Trump signed a Section 232 proclamation imposing up to 100% tariffs on “sensitive” drone imports (including drones over 25kg, thermal-imaging systems, docking stations and certain critical components), with 25% on smaller drones and lower rates for the EU, Japan, Liechtenstein, Switzerland, South Korea and Taiwan (15%) and the UK (10%), taking effect in about three weeks. Supply-Chain Reality Check: Market coverage flags that key drone inputs like magnets and lithium battery cells remain heavily China-sourced, so any “American drone renaissance” may take longer than stocks expect. Liechtenstein Angle: The US tariff schedule explicitly lists Liechtenstein among the lower-rate partners, while Liechtenstein’s own business news this week includes officials saying they won’t pay a ransom after a major hacking attack on the country’s foundation and trust registry. Vatican Finance Link: Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth management experience into Holy See financial oversight. Monetary/Policy Context: Separate coverage notes several countries rely on foreign currencies, highlighting the trade-off between stability and loss of independent monetary control. Tech & Media: Meta’s AI push is tied to a new partnership with Newsmax, raising questions about reliability as the deal feeds AI systems with large-scale journalism archives.

US Trade Policy: President Trump signed a Section 232 proclamation imposing new drone tariffs: 100% on “particularly sensitive” unmanned aircraft systems (including thermal-imaging drones, docking stations and certain critical components) and 25% on smaller drones; qualifying EU, Japan, Liechtenstein, South Korea, Switzerland and Taiwan imports face a capped 15%, while the UK can get 10% if origin rules are met. Liechtenstein & Cybersecurity: Liechtenstein says it will not pay ransom after a major hacking attack on its foundations and trusts registry; officials still don’t know the perpetrators or demands, and are reviewing legal and operational scenarios. Vatican Finance: Pope Leo XIV appointed Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth and asset-management experience to Holy See budget oversight. Business & Innovation: Quorum Media launched its “Top Entrepreneurs to Watch” series on fintech and Web3 founders, using public filings and product history rather than submissions. Local Economy Watch: Spain’s Ibex 35 ended the week slightly lower (down 0.10%) amid macro and geopolitical jitters.

Liechtenstein Cybersecurity: Liechtenstein says it still doesn’t know who carried out a major hacking attack on its foundations and trusts registry, but Prime Minister Brigitte Haas says paying a ransom “wouldn’t be an option,” with officials still weighing scenarios and noting the legal path may be unclear given the breach’s scale. Vatican Finance & Wealth Management: Pope Leo XIV appointed 36-year-old Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth and asset-management experience from Industrie- und Finanzkontor to help oversee Holy See budgets and financial activity. US–Liechtenstein Trade Impact (Drones): The US announced sweeping drone import tariffs under Section 232, with duties up to 100% for “sensitive” drones (over 25kg, thermal imaging, docking stations and key components) and 25% for smaller models; importantly for Liechtenstein, qualifying imports from Liechtenstein are capped at 15% if origin rules are met, while the policy is set to start Sept. 3. Entrepreneurship Spotlight: Quorum Media launched the first edition of its “Top Entrepreneurs to Watch,” profiling founders in fintech, Web3 and emerging tech. Market Watch: Spain’s Ibex 35 ended the week slightly down (0.10%) amid ongoing geopolitical pressure and inflation concerns.

US–Liechtenstein Trade: The White House says the US will impose new drone import tariffs under Section 232: 100% on “particularly sensitive” drones (notably thermal imaging and certain heavy systems), 25% on smaller drones, and lower rates for allies—15% for the EU, Japan, Liechtenstein, South Korea, Switzerland and Taiwan, and 10% for the UK—aimed at cutting reliance on foreign supply chains. Cybersecurity & Finance: Liechtenstein officials say they still don’t know who carried out last month’s hacking of the foundations and trusts registry, but Prime Minister Brigitte Haas says paying a ransom “wouldn’t be an option,” while legal and operational scenarios are being reviewed. Vatican–Wealth Governance: Pope Leo XIV appoints 36-year-old Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing private-wealth management experience to reforms focused on financial transparency. Crypto/Community: Obyte launches “Coop,” a decentralized cooperative reward platform that pays participants based on community voting and locked token commitments.

US–China Trade: President Trump signed a Section 232 order imposing up to 100% tariffs on imported drones and key components, hitting drones over 25kg and thermal-imaging systems (plus docking stations and certain critical parts), while smaller drones face 25%. Liechtenstein Angle: Liechtenstein is named among allies getting a 15% cap on qualifying drone imports, but only if “substantially all” critical hardware/software/technology originates in the approved countries or the US—so compliance will matter for local and regional supply chains. Policy Mechanics: Most duties start Sept. 3; less-sensitive components follow later (up to Feb. 9, 2027), and Commerce can set an onshoring incentive program tied to new US manufacturing investments. Market Pulse: Drone-related equities in the US jumped on the news, while broader markets stayed cautious. China Response: Beijing rejected US claims of a “transshipment scam,” arguing supply-chain diversification is normal and not automatic “tariff evasion.”

US Drone Tariffs: President Donald Trump signed a Section 232 proclamation imposing duties up to 100% on imported drones and key components, with 100% hitting larger, sensitive models (over 25kg and/or thermal imaging, plus docking stations and certain critical parts) and 25% applying to smaller drones; EU, Japan, Liechtenstein, South Korea, Switzerland and Taiwan face a capped 15% rate, while the UK gets 10%, but only if substantially all core hardware, software and technology originates in the qualifying countries or the US. Timing & Business Impact: Most tariffs start in 21 days (Sept 3), while less-sensitive components get more time (180 days). Liechtenstein Angle: Liechtenstein is explicitly named among the partners eligible for the lower 15% band, making origin rules and supply-chain sourcing crucial for any Liechtenstein-linked drone hardware. Market Reaction: Drone-related stocks reportedly jumped as investors priced in the shift toward US production. Visa Policy (Non-trade): Separately, the EU confirmed visa-free Schengen entry for up to 90 days for citizens of Mauritius and Seychelles, subject to standard border checks.

Drone Tariffs: Trump signed a Section 232 proclamation slapping new duties on drones and key parts, including a 100% tariff on certain larger, thermal-capable systems and a 25% tariff on smaller drones; imports from the EU, Japan, South Korea, Switzerland and Liechtenstein face 15%, while the UK faces 10%, with most measures starting Sept 3. Cybersecurity & Registers: Liechtenstein authorities are taking additional systems offline as a hacking probe widens after an attack hit 31,000 legal entities on a beneficial ownership register; the government says affected data is confidential and has notified entities under GDPR. Food & Ag Tech: RiceTec opened a new greenhouse facility in Alvin, Texas, expanding rice breeding and research capacity, with Liechtenstein’s Princely Family chairing the company’s long-term owner group. Crypto Regulation (Switzerland context): Coverage highlights FINMA’s role in Switzerland’s financial oversight and why crypto firms keep flocking there, as regulators refine crypto frameworks. Trade & Industry (India/EFTA link): India reports export momentum and points to its FTAs, including the EFTA bloc (which includes Liechtenstein), as market access drivers. Travel Fraud Warning: EU ETIAS is delayed again, and authorities warn people not to apply or pay scammers offering “ETIAS” services.

Liechtenstein Cybersecurity: Liechtenstein expands its response to a widening hacking attack, taking additional government systems offline as investigators probe a beneficial ownership register incident affecting 31,000 legal entities. US Crypto Regulation: The SEC has scheduled an Aug. 14, 2026 open meeting that could introduce a tailored “Regulation Crypto Assets” offering regime, potentially letting qualifying crypto projects raise up to $75m with less traditional registration burden. US Solar Supply Chain Trade: Trump’s Section 232 move adds a 15% tariff and minimum import prices on polysilicon and derivatives from Dec. 4, 2026, aiming to strengthen US chip and solar inputs. Switzerland Finance & Crypto Oversight: A look at FINMA highlights Switzerland’s regulatory model and why crypto firms keep flocking to Switzerland’s framework. Vatican Economy Appointments: Pope Leo XIV named new Council for the Economy members, including Liechtenstein’s Princess Gisela Bergmann, underscoring business leadership in church finances. EU Travel Fraud Warning: ETIAS has been delayed again; the EU warns travellers not to apply or pay for fake ETIAS services. India Trade Momentum: India reports ~15% export growth in April–July and points to recent FTAs, including an EFTA bloc deal covering Liechtenstein.

Liechtenstein Cybersecurity: Liechtenstein says its probe into a widening hacking attack has led to more systems being taken offline, including four state systems as a precaution, while authorities submit an initial report to prosecutors and expand enquiries. Crypto Regulation: A new explainer on FINMA highlights Switzerland’s layered approach to supervising banks, insurers and crypto firms, with FINMA at the center of the country’s push to turn regulation into an economic advantage. Beneficial Ownership Risk: The same Liechtenstein cyberattack is linked to disruption of a beneficial ownership register affecting 31,000 legal entities, raising fresh questions about how transparency data can be protected. US Trade Pressure on Europe: Multiple reports track President Trump’s Section 232 move on polysilicon, with a 15% tariff plus minimum import prices from Dec. 4, 2026—measures that could reshape solar and semiconductor supply chains across Europe, including Liechtenstein-linked tariff caps. Local Business & Finance Leadership: Pope Leo XIV appointed new members to the Vatican’s Council for the Economy, including Princess Gisela of Liechtenstein as a business expert, underscoring the principality’s continued financial influence. Digital Economy Watch: Separate coverage looks at the European mobile data price gap and how roaming rules still leave consumers paying different prices by border. Scam Alert: Forbes-branded fake sites and an associated PR agency are reported to be selling guaranteed coverage, with Liechtenstein mentioned in the scam network.

Cybersecurity in Focus: Liechtenstein’s response to a hacking attack on its beneficial ownership register is widening, with four more government financial systems taken temporarily offline (including the VAT e-portal, judicial system, central account register and tax portal) as investigators continue and GDPR-style notifications go out to affected parties. Trade & Industry: The US has signed Section 232 measures on polysilicon and derivatives: a 15% tariff plus minimum import prices (from Dec 4, 2026), with a capped combined rate for imports from Switzerland and Liechtenstein—raising new cost and compliance questions for European supply chains. Finance Regulation: A new explainer on FINMA highlights how Switzerland’s regulator underpins the country’s financial sector scale and its growing reach into digital-asset businesses. Business Integrity: Fake Forbes-branded sites linked to a PR agency are being taken down after paid-for “guaranteed coverage” offers and AI-generated content were flagged. Policy & Environment: A UK-focused piece argues that environmental cooperation should be a priority for any reset with Europe, including rejoining the EEA network. Local Economy & Climate: Drought threatens Rhine shipping, a key trade artery for Switzerland and its cross-border logistics, with knock-on effects for regional business.

Cybersecurity & Finance: Liechtenstein’s response to a hacking attack on its beneficial ownership register is widening fast: four more government financial systems were taken temporarily offline (VAT e-portal, judicial system, central account register, and tax information portal) while investigators continue and affected parties are notified under EU data rules. Trade & Industry: The US is moving to reshape the solar and semiconductor supply chain with a Section 232 package: from Dec. 4, 2026 it adds a 15% tariff on polysilicon derivatives and sets minimum import prices (including $21/kg polysilicon and $0.22/W solar cells), with a capped combined rate for imports from Switzerland and Liechtenstein. Business Leadership (Vatican): Pope Leo XIV confirmed Cardinal Reinhard Marx as head of the Vatican’s Council for the Economy and appointed new members, including Princess Gisela of Liechtenstein and other business experts, as the council oversees budgets and financial structures. Energy & Logistics: Drought is threatening Rhine shipping, a key trade artery for Switzerland and the region that runs through Liechtenstein. Pharma Deal: Gan & Lee’s weight-loss drug rights in Europe were sold to Menarini for up to €726m, boosting the company on the back of the licensing expansion.