Sunday, March 22, 2009

Switzerland Eases Its Stance on Bank Secrecy


The Swiss government bowed to pressure on Friday and agreed to exchange information on suspected cases of tax evasion, but it maintained that its principle of banking secrecy was intact.

Austria and Luxembourg also announced steps intended to fend off a global crackdown on tax evasion by offering concessions before a meeting of leaders from the Group of 20 nations in London at the start of next month.

That followed announcements by the small tax havens of Andorra and Liechtenstein on Thursday that they would relax bank secrecy rules.

See full Article.