HM Revenue and Customs is in negotiations with the Liechtenstein government for a bilateral agreement on tax information exchange, which they hope will bring forward tax transparency between the UK and Liechtenstein. The latest efforts by Liechtenstein come after the publication of the Liechtenstein declaration in March. The jurisdiction asked the UK for assistance with identifying UK residents who have beneficial interests in Liechtenstein 'structures' and bank accounts in order to ' deliver Lichtenstein's commitment to ensure that bank secrecy and privacy rules could not be abused to facilitate UK tax invasion' During the negotiations, the HMRC said that it supports movements by Liechtenstein to change its financial services industry and hopes to reach a formal tax information agreement soon. Stephen Timms MP, financial secretary to the Treasury said: 'The outcome of these discussions demonstrates that we are fast moving forward into a new era of transparency and openness in global tax administration, founded on exchange on tax information.'