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Tags: Liechtenstein | Tax | Evasion | Secrecy

Liechtenstein Ready to Relax Banking Secrecy

Monday, 13 May 2013 07:39 AM

Liechtenstein's prime minister says the principality is prepared to discuss an automatic exchange of bank client information with the European Union.

Adrian Hasler told German daily Handelsblatt in an interview published Monday that the tiny Alpine nation would consider following the lead of Austria and Luxembourg.

The two countries have come under heavy pressure to help fellow members of the 27-nation EU crack down on tax evaders. Liechtenstein is not a member of the EU.

Hasler says a precondition for further relaxing Liechtenstein's banking secrecy rules would be that existing clients are offered a "bridge to tax honesty" that spares them hefty fines or prison time.

Germans in particular have long used bank vaults in Liechtenstein and neighboring Switzerland, also outside the EU, to hide money from their tax authorities.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


FinanceNews
Liechtenstein's prime minister says the principality is prepared to discuss an automatic exchange of bank client information with the European Union.Adrian Hasler told German daily Handelsblatt in an interview published Monday that the tiny Alpine nation would consider...
Liechtenstein,Tax,Evasion,Secrecy
130
2013-39-13
Monday, 13 May 2013 07:39 AM
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