Liechtenstein, $7 trillion offshore banking tax evasion

Liechtenstein, a tiny principality of 35,000 people nestled between Austria and Switzerland, still discreetly advises the very wealthy around mahogany tables, even though it recently relaxed its bank secrecy laws under pressure from the United States.

Now, thanks to a U.S. tax probe into Swiss bank UBS and other pressure, a quiet revolution is brewing in the $7 trillion world of offshore banking, as banks realize that holding untaxed money can ultimately sting them.

http://www.reuters.com/article/newsOne/idUSTRE4BB0GY20081212