Italy, Liechtenstein sign accord to exchange financial data to crack down on tax evasion

Government And Institutions Associated Press

Italy and Liechtenstein have signed an agreement to exchange financial information to crack down on tax evasion.

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The accord signed Thursday is similar to one inked between Italy and Switzerland earlier in the week and helps bring two countries known for banking secrecy into line with international standards.

Italy hopes the arrangement will help it fight tax evasion. Under a recent law, Italians with undeclared overseas bank accounts can voluntarily disclose them, pay the tax due and incur milder sanctions if they do so within September 2015.

The agreement calls for Italy and Liechtenstein to provide financial information to each other upon request, and to provide it automatically based on international standards by 2017.