Best of the Web: Chancellor expects £1bn from Liechtenstein tax deal

Alistair Darling says the Treasury could claw back even more in lost tax as Britain and other G20 countries move to tackle offshore evasion.

"HM Revenue and Customs has requested details of at least 100,000 offshore accounts held at over 300 financial institutions," he told the CBI Scotland annual dinner, The Telegraph reports. Full story...

HSBC Holdings Plc's Swiss private bank says more rich foreigners are inquiring about moving to Switzerland, spurred by rising taxes at home and concerns about the erosion of banking secrecy for non-residents, according to Bloomberg.

Switzerland's decision to increase cooperation with the U.S. and neighbors such as France and Germany on tax evasion hasn't dulled the Alpine nation's allure for those who are able to take up residence, said Alexandre Zeller, chief executive officer of HSBC's Swiss bank. Full story...

A U.S. tax probe against Swiss bank UBS has killed traditional offshore banking and wealth managers will have to improve their offers to survive, bankers and industry experts said on Tuesday, Reuters reports.

Offshore private banking involves managing the wealth of rich clients from a foreign location. Full story...

The Irish government is prepared to become a majority stakeholder in the country's banks covered by its proposed rescue scheme for the republic's crisis-hit banking sector, says The Guardian.

Ireland's finance minister Brian Lenihan told parliamentarians that the state may take majority stakes in the banks if they need additional capital. This will happen after their loans are transferred into the state's National Asset Management Agency, he said. Full story...

Former Société Générale trader Jerome Kerviel is to stand trial next year over claims that he cost the bank billions of euros through a series of allegedly rogue transactions, according to The Guardian.

The bank welcomed the news and has claimed that the junior trader's unauthorised deals caused the record losses of €4.9bn (£4.31bn), which it unveiled last year. Full story...

France warned tax evaders on Sunday that it was hot on their trail after securing a list of 3,000 citizens holding about ¦3bn in Swiss bank accounts that authorities suspect have not been declared, says The FT. Full story...

German Finance Minister Peer Steinbrück has been railing against tax havens such as Switzerland and Luxembourg with harsh rhetoric, Der Spiegal reports.

But he has paid too little attention to completely legal loopholes, such as having subsidiaries on Malta that allow German corporations and the ultra-rich to minimize their tax burdens. Full story...