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March 12, 2009

FT: Liechtenstein will ease secrecy laws

By Spear's

ZURICH, March 12 – Liechtenstein has agreed to ease its strict bank secrecy law by committing to OECD standards on tax transparency and data exchange, a fresh sign that a global crackdown on tax evasion is forcing offshore centres to open up.

From the Financial Times:

ZURICH, March 12 – Liechtenstein has agreed to ease its strict bank secrecy law by committing to OECD standards on tax transparency and data exchange, a fresh sign that a global crackdown on tax evasion is forcing offshore centres to open up.

The tiny principality, a financial centre wedged between Switzerland and Austria, is seeking to be removed from a black list of tax havens and will now offer bilateral tax deals for cooperating in cases of tax fraud and tax evasion. It said it had already started concrete talks with individual states.

Coming on the heels of a landmark tax co-operation deal with the United States in December, the move by Liechtenstein was a fresh attempt to clean the country’s image after a damaging data theft scandal that engulfed its largest bank LGT last year.

To read the full story, visit ft.com
 

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