Tuesday, February 03, 2009

EU considers new rules to limit banking secrecy

Banking secrecy should not stop European governments from swapping information on possible tax evaders, the EU executive said Monday, backing French and German efforts to clamp down on tax fraud.

The new measures, if approved by all 27 EU nations, would affect EU residents trying to avoid taxes at home by opening accounts in Luxembourg, Belgium and Austria, which have laws allowing for a high level of banking confidentiality. Low taxes in tiny Luxembourg also attract many investors from neighboring Belgium, France and Germany......that would be me.

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