Vaduz - The principality of Liechtenstein announced Wednesday that it will be removed from a list of tax havens after meeting a set of conditions imposed by the Organization for Economic Cooperation and Development.

Removal from the "grey list" of nations that did not meet standards of information transparency standards removes a hurdle for many international customers who want to bank in the country.

"The removal from the so-called 'grey list' is an indicative step as to the new direction of our new orientation," said Prime Minister Klaus Tschuetscher, hailing the news.

By signing tax information sharing agreements with Belgium and the Netherlands on Tuesday, Liechtenstein met the OECD's requirement of having such agreements with at least 12 countries. (dpa)