The first of this trio to adopt international standards on transparency and exchange of information on tax matters was Liechtenstein. The government and the ruling prince of the principality stated on March 12 their agreement to provide information about clients of their banks to tax authorities of member countries of the Organization for Economic Cooperation and Development (OECD), without invoking the concept of banking secrecy.
On the same day, two more countries, referred to in financial circles as 'tax havens', followed Liechtenstein's example. Andorra announced its intention to relax the principles of banking secrecy from the autumn of 2009, and Belgium agreed to implement international standards on transparency and exchange of information on tax matters from the beginning of 2010.
Meanwhile, according to Deutsche Welle, while refusing automatic information exchange, the authorities still promise to maintain banking secrecy. Exchanging banking information with other states is supposed to occur only in specific cases and when there is a justifiably substantiated request.
In early April, a summit of the G20 countries will take place in London, where, on the initiative of Germany and France, measures against countries that are so-called 'tax havens' will be discussed. Therefore, it is not surprising that many of them decided to urgently leave this list by abandoning strict adherence to banking secrecy.