Banks to shut doors on Saudi royal cash

PT       2002-07-17 
Western banks may refuse deposits from members of the Saudi royal family under guidelines drawn up to identify "politically exposed" wealthy individuals whose assets could in future be confiscated.
The move comes as details emerge of how King Fahd - head of the dynasty and one of the world's richest men - has transferred large sums through anonymous trusts in Liechtenstein where secrecy laws allow the Alpine mini-state to function as a bolt hole for rich clients.
The Guardian has found that the banks, notably in Switzerland, are increasingly wary. "We do not accept business from politicians in controversial countries," said one banker.