Liechtenstein Ready to Relax Banking Secrecy

Monday, 13 May 2013 07:39 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved