Thursday, December 4, 2008

Bombshell: Liechtenstein to Lift Bank Secrecy on Tax Evasion Cases

Offshore tax haven Liechtenstein has agreed to a landmark deal with the U.S. to drop bank secrecy in cases of tax evasion and could make similar concessions in the European Union.

Prince Nikolaus, a member of Liechtenstein's ruling royal family who brokered the deal, told Reuters the former tax haven had agreed to a "significant" change to bank secrecy rules that entitles the U.S. to bank account information when probing tax evasion.

I surely thought Switzerland would fall to U.S. pressure before Liechtenstein. They must have pictures of Prince Nikolaus doing something he is not supposed to be doing.

Switzerland, where tax evasion is not a criminal offense, continues to refuse to cooperate with the U.S. on tax evasion cases.

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