On Wednesday 28 October 2015, the European Union and the Principality of Liechtenstein signed an agreement in Strasbourg on the automatic exchange of information relating to financial accounts.
The agreement will come into effect on 1 January 2016, meaning that EU Member States and Liechtenstein will apply the automatic exchange of information in accordance with OECD standards from 2017.
The Protocol was signed on behalf of Liechenstein by Dr. Aurelia Frick, Minister of Foreign Affairs, and for the European Union by Pierre Gramegna, President of the ECOFIN Council and Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and the Customs Union.
"I welcome the conclusion of this agreement under the Luxembourg Presidency," commented Pierre Gramegna. "I am satisfied to see that the pioneering role of the European Union in the matter of fiscal transparency is serving as an example for our partners outside the EU."
He continued: "This agreement demonstrates the shared ambition of the Union and Liechtenstein fighting against fraud and tax evasion. It marks an important step towards the establishment of a 'level playing field' in the world".
Photo by Jean-François Badias/European Union (L-R: Aurelia Frick; Pierre Gramegna; Pierre Moscovici)
