'More clarity for Liechtenstein money transfers'

Information on some money transfers made to Liechtenstein banks is to be shared with Luxemburg, it has emerged.

The principality recently agreed to pass on information on customers' international payments in a bid to clamp down on tax fraud.

Previously, Liechtenstein has signed similar agreements with the US and Germany using standards set by the Organisation for Economic Cooperation and Development.

In addition, the principality recently consented to exchanging details about tax payments made by British clients, which may have an impact on expats who make money transfers to the bank.

Sarah Doig, from the British Embassy in Bern pointed out that the agreements may help bring more clarity to customers' international payments.

"At the moment Liechtenstein is on a grey list of countries that are less than completely transparent on these matters," she told the Telegraph.

In other news, the Association of International Property Professionals recently encouraged Brits considering purchasing assets abroad to consult foreign exchange specialists.

Click here to make an International Money Transfer.

By John Mills