Financial Transparency Coalition

Last week was not kind to tax evaders. Liechtenstein agreed an information-sharing treaty with the UK that, should it serve as a model for the principality’s deals with other countries, would put it out of the tax-haven business. The OECD recognised the Cayman and British Virgin Islands as having implemented the organisation’s tax standards. The US forced more names of suspected tax evaders out of Swiss bank UBS. The war on tax piracy is making progress.

I have been chased by journalists (all from outside the UK) today asking what the UK decision to force offshore banks to disclose details of account holders to HM Revenue & Customs might mean. The Swiss are particularly keen. The honest answer is, of course, that we do not yet know. The most likely answer is that it depends on two things – first whether the banks appeal and succeed in doing so and second how far the UK is willing to go to enforce this.

Reuters - Liechtenstein and Britain said on Tuesday they had signed an agreement to encourage British clients of banks in the Alpine principality to voluntarily disclose untaxed money. Here are some details about European countries who have been maintaining strict laws protecting banking privacy.