Liechtenstein to introduce rules against tax evasion

To introduce measures to make it harder for rich foreigners to hide money in the principality’s banks from the tax authorities, a Financial Times report published Friday said.

Prime Minister Otmar Hasler told the FT that Liechtenstein was willing to work with other nations on the problem of tax evasion, but insisted that it would hold fast to its banking secrecy laws. “We will not give up bank secrecy.But we are willing to collaborate with other nations when it comes to the misuse of bank secrecy laws for tax evasion,” he said, without detailing any specific schemes.But the FT quoted unnamed sources saying that one measure being considered was an offer to share information with foreign governments about clients with undeclared accounts, provided that they would not be too severely penalised.In February, Germany launched a massive tax evasion probe after purchasing banking documents allegedly stolen from a Liechtenstein bank LGT by a former employee of the bank, Heinrich Kieber.In the probe that ensued, Liechtenstein came under severe international pressure over its anonymous foundations at the heart of the scandal, as well as over its banking secrecy laws.Nampa-AFP”We will not give up bank secrecy.But we are willing to collaborate with other nations when it comes to the misuse of bank secrecy laws for tax evasion,” he said, without detailing any specific schemes.But the FT quoted unnamed sources saying that one measure being considered was an offer to share information with foreign governments about clients with undeclared accounts, provided that they would not be too severely penalised.In February, Germany launched a massive tax evasion probe after purchasing banking documents allegedly stolen from a Liechtenstein bank LGT by a former employee of the bank, Heinrich Kieber.In the probe that ensued, Liechtenstein came under severe international pressure over its anonymous foundations at the heart of the scandal, as well as over its banking secrecy laws.Nampa-AFP

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