Tax havens make concessions as pressure mounts

ZURICH, (Reuters) – Blacklisted tax havens Andorra  and Liechtenstein relaxed their strict bank secrecy rules yesterday in the face of a global crackdown that looks set to  force top offshore centre Switzerland to open up soon.

The moves come as finance ministers from the G20 group of  developed and emerging countries prepare to meet in Britain from  today ahead of a summit in London on April 2 that is expected  to seek ways to fight offshore tax evasion.

Other offshore centres, whose banking industries have  thrived under privacy laws that have attracted foreign wealth,  have also made concessions in recent weeks, as the financial  crisis prompts cash-strapped Western governments to be more  aggressive against tax evaders.

Around the Web

Comments