8 Feb 2009

Liechtenstein considers tax cooperation with Germany

12:00 pm on 8 February 2009

Liechtenstein is reportedly ready to consider working more closely with tax authorities in Germany.

Prince Max von und zu Liechtenstein told the Welt am Sonntag newspaper that LGT bank had lost several billion Swiss francs in client funds since a German tax evasion case came to light last year.

The prince is chief executive of LGT, which is owned by the ruling family.

Former Deutsche Post chief Klaus Zumwinkel was given a suspended jail term last month for evading almost 1 million euros ($US1.28 million) in taxes using a Liechtenstein trust.

Last year, Liechtenstein signed a deal with the United States paving the way for the exchange of bank data with Washington in certain cases of tax evasion.

Welt am Sonntag reported that Prince Max said a similar approach could be possible with Germany.