Notwithstanding the fact that Andorra and Lichtenstein were previously characterized by the Organization for Economic Cooperation and Development (OECD) as a highly uncooperative offshore banking centers, it announced their willingness to ease bank secrecy.
Switzerland also stated that it will accept standards laid down by the OECD to allow the exchange of information with other states.
The three offshore banking centers gave away before the international pressure and the pressure coming from the G-20 
countries in order to guarantee a viable transparency especially in the context of the actual financial crisis where one of its most important causes is considered to be the lack of control of the financial international flows. The decision came before the G20 meeting announced to be held in London in April.
According to OECD statement, presently these three tax havens are considered to be cooperative and are prepared to renounce the well established tradition of maintaining bank secrecy in order to escape the international pressure.
It is important to note that Switzerland is ready to accept the OECD standards that it refused 9 years ago. Switzerland is ready to share information with other countries. They have agreed in generally to provide on request the details of wealthy individuals and corporations, who have income originating in Switzerland, but this would be done “case by case” and on only the basis of “concrete and justified” requests, the Swiss Finance Ministry said in an official statement.
In 2000, the Swiss refused to adopt the same standards fearing that the “impenetrable” bank secrecy would be compromised.
It seems that the scandal with the US Internal Revenue Service regarding the allegedly American tax evaders who kept their fortunes in the Swiss Bank UBS (approximately 300 billion dollars) was the last drop.
British Prime Minister Gordon Brown praised Switzerland’s decision. He also added that this is “the beginning of the end of offshore banking centers.”
However this is to be considered just one battle in a long war against tax evaders and other financial crimes. No information what so ever will be disclosed until Switzerland negotiates double-taxation agreements with other states. Actually this can take up to several years.
Still this can be definitely perceived as a challenge to offshore banking and a lot of people with their money placed in these tax havens might want to move their financial resources to other havens that do not accept the principles and where bank secrecy is strong.
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