Vaduz, Lichtenstein  - The Principality of Lichtenstein has agreed to make its financial sector more transparent and work better on tax issues with other countries, it said in a statement Thursday.

"Liechtenstein commits to and will implement the global standards of transparency and exchange of information as developed by the OECD," read the statement, referring to the Organization for Economic Cooperation and Development.

Lichtenstein would also "go beyond these standards in order to better meet the concerns and tax claims of other jurisdictions."

It would however maintain its "modern and solid" banking secrecy laws.

The principality said it would be ready to negotiate with the EU and others on anti-fraud agreements and taxation deals. It has already struck one with the United States. (dpa)