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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: European states pledge to ease bank secrecy AFP - Saturday, March 14 BERN (AFP) - - Switzerland, Luxembourg and Austria said Friday they would relax their sensitive bank secrecy laws amid growing international pressure to stamp out tax havens. ADVERTISEMENT Their announcements followed similar moves Thursday by Belgium, Liechtenstein and Andorra -- the latter two on an OECD list of uncooperative tax havens -- and came ahead of a Group of 20 meeting in London where the issue is a hot topic. International pressure to clamp down on tax havens has been growing as the global financial crisis bites ever deeper, sparking calls for radical action to curb abuses blamed for the debacle, among them tax evasion. The Swiss government said Friday it would accept standards laid down by the Organisation for Economic Cooperation and Development (OECD) to allow the exchange of information with other countries. This, however, would be done "case by case" and on the basis of "concrete and justified" requests, it said in a statement, joining the other two countries in stating firm limits to the steps it will take. Switzerland was "maintaining banking secrecy and resolutely refused all automatic transmission of information," the government said. "The private sphere of clients is still protected from unjustified watching from abroad ... Banking secrecy does not protect tax crimes," it added. British Prime Minister Gordon Brown hailed Switzerland's decision as "a very real step on the road towards the exchange of tax information between all countries, the beginning of the end of tax havens." Luxembourg also said it would relax its strict banking secrecy laws and cooperate with foreign tax authorities in cases where fraud was suspected. "Luxembourg is in favour of exchanging information on demand but only in precise cases and with clear proof" of suspicion of fraud, Treasury and Budget Minister Luc Frieden said. Luxembourg would "align with OECD standards" but "banking secrecy is not incompatible with OECD rules," he said. "Luxembourg would therefore maintain its banking secrecy as an instrument for protecting private life." Austria insisted Friday that it would lift bank secrecy but only where there was "justified suspicion" of wrongdoing. "Austria will agree to supply information if the suspicions are justified and can be backed up," said Finance Minister Josef Proell. But "we will not change our legislation and there is no question of direct or systematic access (to) bank accounts," he added. Austrian finance ministry spokesman Harald Waiglein told AFP that all countries had to change -- including the United States and Britain. "There are many countries which aren't transparent" in banking matters, he said, adding that the regime in the Channel Islands and in some US states such as Delaware, Montana or Nevada should also be examined. In the Channel Island of Jersey, protestors on Friday demonstrated outside international banks, accusing them of contributing to the world financial crisis through opaque banking practices. France and Germany have been leading the charge to clamp down on tax havens, calling for an international "sanctions mechanism," with the issue high on the agenda for Saturday's meeting of G20 finance ministers in London. A full G20 summit follows on April 2, with European governments largely pressing for tighter regulation to prevent a recurrence of a global financial crisis which has drawn comparisons with the 1930s Great Depression. French President Nicolas Sarkozy attributed the latest developments to the resolute stand taken by Paris and Berlin. The global financial and economic crisis "must lead to change, very deep change and I wanted the first change to be the ending of the system of tax havens," he said. Email Story IM Story Printable View Blog This Recommend this article Average (1 vote) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo Castl Vaduz in Liechtenstein. Switzerland, Luxembourg and Austria said Friday they would relax their sensitive bank secrecy laws amid growing international pressure to stamp out tax havens. Most Popular – Top Stories Viewed For sale: nagging wife, very high maintenance VW reveals race to overtake GM, Toyota World Bank warns of "very dangerous" year ahead Space junk sparks crew scare on ISS Chimp used planning skills to attack humans View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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