Brussels, 04/11/2008 (Agence Europe) - On Tuesday 4 November, European Finance Ministers took stock of negotiations on concluding an anti-fraud agreement between the EU and Liechtenstein. They believe that the results achieved hitherto by the European Commission, which is conducting the negotiations on the basis of an EU mandate, are real but insufficient. Progress, they say, is possible, within the terms of the current mandate.
Improvements can be made in relation to arrangements on “administrative assistance” and “exchange of information”, a diplomat said: the Commission must ensure that the Liechtenstein authorities undertake to respond to European requests for information and that the exchange of information also covers investment carried out through the creation of “foundations”. All member states, “including Austria and Luxembourg”, agreed that negotiations with Liechtenstein should be continued, since such an exercise should be carried out within the existing mandate, added the diplomat. The anti-fraud agreement will deal with fraud, but not tax evasion, a point that could be decisive when the EU begins talks on the review of European rules on the taxation of savings. It should also be noted that there is a link between the signing of the anti-fraud agreement and the accession of Liechtenstein to the Schengen area (see EUROPE 9607). (M.B./transl.rt)