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.
