Liechtenstein,a tax haven in Europe where at least 18 Indians are reported to have stashed money in secret bank accounts,has expressed willingness to reveal details of these bank accounts if India is able to prove that these account-holders are involved in tax evasion-related crimes. And,of course,if an agreement is signed. "We have started exploratory talks about an agreement with the Indian government,the Mutual Legal Assistance Treaty,whereby we will be able to share information about those account-holders who are proven to be involved in tax evasion-related crimes," Liechtenstein's acting head of state Prince Alois told The Indian Express. On a first-ever official visit to India,he met Finance Minister Pranab Mukherjee on Tuesday. This new development,sources in the Indian government said,would pave the way for identifying tax evaders amongst Indian nationals who have parked their wealth in the secret bank accounts in Liechtenstein. In February 2008,India had approached the German authorities after reports of a stolen CD containing names of bank account-holders came out in Europe and after a year of back-and-forth correspondence,the German government handed over the CD to the Indian government in March 2009. According to the Finance Ministry's statement to Parliament,the disc contained names of 18 Indians who have channelled about Rs 44 crore in secret bank accounts at the LGT bank of Liechtenstein. However,the names haven't been disclosed although the tax authorities are investigating the information obtained. Liechtensteins Foreign and Justice Minister Aurelia Flick,who is accompanying Prince Alois,said: We assume that the CD is part of the data file which was stolen and had been sold in Germany. Flick said there had been a request in the past from the Indian government about sharing information on the bank account-holders,but Liechtenstein had not been able to part with that kind of information since there was no agreement between the two countries,and it was against the privacy laws of their country. She said Liechtenstein was ready to give information on the account-holders if they were found to be involved in corruption,money laundering and terrorist financing. But we would need specific information of account holders. there cannot be a fishing expedition. Liechtenstein,a small country with 36,000 people,is located between Switzerland and Austria. It is home to 16 banks,and the financial services constitute about 30 per cent of the countrys GDP. It offers international cooperation in tax matters with EU states,following the Organisation for Economic Cooperation Development standards.
