Automatic Information Exchange: Brief media updates from Liechtenstein, Luxembourg and Switzerland

Liechtenstein’s approach to the OECD’s Automatic Information Exchange standard seems to be driven by realpolitik, based on an article on the Vaterland.li site:

“The end of bank secrecy is in sight. The OECD has swiftly produced a standard for automatic information exchange, which should stem the flow of cross-border tax evasion.”

“Liechtenstein’s government, closely watched internationally, declared last November it would admit automatic information exchange.”

The director of the Liechtenstein bank association is quoted saying: “The positive repercussions, especially among international partners, underline that this was the right decision.”

The article concludes:

“By admitting a future information exchange standard, Liechtenstein is able to shape the standard and promote its own interests. The government has already been able to take part in the development of the OECD standards which were presented today in Sydney.”

Meanwhile, a short article in the Luxembourg Tageblatt says that the finance ministers of Luxembourg and Switzerland met in Bern last Thursday (Feb 20th). “On one issue, [the ministers] shared the same opinion: that Automatic Information Exchange needs a global solution.”

Please see the Tax Justice Network’s analysis on Automatic Information Exchange here and here: when secrecy jurisdictions say “global solution” what they really mean is “get lost”.

(original news articles in German, translation with some help from google)

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