Removed from tax haven list: Liechtenstein

ZURICH: Lichtenstein said on Wednesday it had been removed from a tax haven "grey list" after it took steps to cooperate with foreign countries in tax matters, the latest offshore centre to fall in line with global standards.

The Group of 20 nations had threatened to impose sanctions on all financial centres that did not cooperate on tax issues. Countries needed to sign 12 new bilateral tax agreements to be taken off the list.

"Liechtenstein has demonstrated that it honours its commitments and is actively contributing to the international dialogue on tax cooperation," said Angel Gurria, Secretary-General of the Organization for Economic Cooperation and Development, which drafted the list.

Switzerland, Luxembourg, Austria are among the other offshore centres that have already been removed from the list.