Liechtenstein eases bank secrecy

[dipsydoodle]

Source: BBC News

Liechtenstein is to ease its bank secrecy rules and swap information with foreign governments to help combat tax fraud and evasion.

The tiny principality will now adopt OECD standards on cross-border tax negotiations and offer bilateral tax deals on co-operation.

It had come under pressure to co-operate with other states' investigations into tax evasion.

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"With this declaration, however, we want to make clear that bank client confidentiality in future cannot be misused to facilitate tax crime," he added.

Read more: http://news.bbc.co.uk/1/hi/business/7939164.stm

[Donnachaidh]

1. They know what's coming, and want to get ahead of the shitstorm

The Swiss want to keep their secrecy laws. and they are going to have not only the US, but other countries coming at them, looking for tax evaders. Liechtenstein is smart -- the Swiss better smarten the hell up, too.

[TheMightyFavog]

3. Switzerland is going tohave to be dragged kicking ans screaming by the international community.

IMHO.

[closeupready]

4. Oh, yeah. Protecting the questionably-sourced assets of people

on the law's margins has been their bread and butter over the last 100 years. They ain't going to give up that racket quietly.

[high density]

2. Interesting

This beats a rogue bank worker deciding to release that information unilaterally.

http://abcnews.go.com/Blotter/story?id=5378080&page=1