After vowing not to change its banking system despite a tax scandal spiraling out of control, the principality of Liechstenstein may be changing its mind.
Prime Minister Otmar Hasler has reportedly told the Swiss newspaper Neue Zuercher Zeitung that “the reform process has already begun and I support it being continued.” He says that he is hopeful for a “reasonable compromise” that allows for some transparency that countries like Germany are demanding but also a measure of banking secrecy which would allow Liechtenstein to continue its status as a financial power.
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