Bloomberg's Ryan Donmoyer reports today that Liechtenstein may be on the verge of releasing information about U.S. citizens who have taken advantage of Liechtenstein's secrecy rules as a means of moving assets offshore and evading U.S. income taxes.
Liechtenstein, the Alpine principality alleged to have helped tax evaders around the world, said a new agreement to share tax information about its banks' clients with the United States is “imminent.” . . . “We do not want to abet tax offenses on the Liechtenstein financial center,” [a Liechtenstein] newsletter quoted Prime Minister Otmar Hasler as saying on Oct. 6. “To improve cooperation in tax matters, we are willing to take further steps at the bilateral level.” An accord may give the U.S. Internal Revenue Service unprecedented access to information about Americans suspected of tax evasion who bank in Liechtenstein. It would expand earlier commitments by Liechtenstein that grant access to its financial institutions when foreign authorities suspect they're being used to launder money or to finance terrorists.
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