. . . the French newspaper La Tribune reported that the Organization for Economic Cooperation and Development had added Switzerland, Luxembourg, Austria, Singapore and Hong Kong to a list of uncooperative tax havens, which already includes the well-established havens of Liechtenstein, Andorra and Monaco. . . .
Banking secrecy was enshrined in law in Switzerland in the 1930s. . . .“Switzerland is the big prize,” Willem Buiter, a professor at the London School of Economics and Political Science, wrote on his blog last year, because “unlike the other tax havens, it is a country rather than a dwarf-state and postage-stamp curiosity, and it is outside the E.U.,” therefore out of reach of European Union enforcers.
Thursday, July 30, 2009
Earlier this spring, the tiny Principality of Liechtenstein pledged greater tax openness, under growing pressure from the member nations of the G-20. Nestled between the eastern edge of Switzerland and the westernmost tip of Austria, the tiny principality of just 35,000 inhabitants has long served as an international tax haven--much like its European neighbors Switzerland and Luxembourg. Yet Liechtenstein now pledges to follow OECD financial reporting standards, and the G-20 and the EU both hope that Switzerland and Luxembourg will follow suit.