Angel Gurria argues in the Guardian that it is, and bank secrecy will soon be a thing of the past. He notes, correctly, that even Liechtenstein has been signing agreements. Indeed, the principality announced today that it and Germany have signed an agreement.
Max Hohenberg, a spokesperson for the government of Liechtenstein, told the AP, “It’s an agreement based on OECD standards, meaning upon request and on an individual basis.” The agreement will allow Germany to request information on individuals suspected of tax evasion. The agreement goes into effect in 2010. Liechtenstein has also recently signed agreements with the US and the UK.
Meanwhile, the Organization for Economic Cooperation and Development (OECD) invited representatives from 100 governments to a meeting in Los Cabos, Mexico on September 1st and 2nd. The meeting is on Transparency and Exchange of information. We’ll have to wait and see if anything comes of it.
There has been a change in the plans, though. An uninvited visitor, Hurricane Jimena, has decided to also pay a visit to Los Cabos. The OECD has moved the meeting to Mexico City from the southern tip of Baja California.
As for Mr. Gurria’s argument, time will tell if the tax havens are truly ending or if they’ll just find new locations.