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The foundations have contributed substantially to the economic success of Liechtenstein. Today there are approximately 40,000 foundations in Liechtenstein. About 1,500 of these are registered foundations, while 600 are run as Public-Purpose foundations. The Liechtenstein judges, solicitors and trustees have a wide range of expertise in Foundation Law and offer an appropriate development of legal certainty. The Liechtenstein Foundation Law was received by Panama and Austria. The liberal Foundation Law in Liechtenstein offers various types of foundations, including but not limited to the Public-Purpose Foundation, the Religious Foundation, the Pure Family Foundation, the Joint Foundation, the Corporate Foundation, and the Staff Welfare Foundation. When establishing a foundation the founders’ aim is to dedicate their assets for a private or public purpose. Alternatively the aim of the foundation can be explicitly stated; among other things the aim of the foundation could be holding of family property, or the support to socially disadvantaged or disabled people. The new Liechtenstein legislation on money laundering and terrorism is also applicable to foundations. The rules are very strict and are continuously monitored by the authorities. The provision that customers and contracted parties are obliged to know each other (know your customer) ensures that no one can use a foundation for illegal purposes. Above all, foundations are a way of protecting assets and managing taxes for professionals. The assets can be structured in a purposefully and predictable manner, avoiding the negative outside influences.