Liechtenstein bowed to outside pressure Thursday by agreeing to adopt international standards on cross-border tax cooperation, an effort to shed its label of "tax haven".
In a joint statement by the tiny Alpine nation's government and its ruling prince, Liechtenstein committed itself to starting bilateral negotiations with other countries that would see it drop its long-held distinction between tax fraud and tax evasion.
Liechtenstein had so far resisted identifying clients accused by other countries of tax evasion, considered a minor offense, invoking its tradition of banking secrecy.
Pressure has been growing on Liechtenstein and …
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