Liechtenstein to lift some bank secrecy over tax

By Emma Thomasson ZURICH (Reuters) - Liechtenstein bowed to international pressure on Friday to lift some of the veil of secrecy on its banks and make it harder for wealthy foreigners to hide money there after a German scandal over tax dodgers. Prince Alois von und zu Liechtenstein, the head of the tiny Alpine state nestled between Austria and Switzerland, did not say how much it would cooperate with countries who seek information about their residents who invest in the state. But he said reform was needed to give bank customers more legal security and to reduce the potential for abuse of the financial sector, saying the principality would find "sensible solutions" for existing customers when it exchanges information. In a national day speech, he said the principality could no longer rely on its renowned banking secrecy and... [read full story]