Luxembourg open to bank transparency, says FM

  • Luxembourg’s Finance Minister, Luc Frieden, has said the country may consider greater transparency of its banking sector in order to help curb tax evasion.

    Frieden made the comments in an interview published on Sunday by a German newspaper, adding that he wanted to "strengthen co-operation with foreign tax authorities".

    Luxembourg is known for its highly secretive banking sector.

    Speaking to the Frankfurter Allgemeine Sonntagszeitung newspaper, Frieden admitted that an increasing number of countries were demanding more information on what their citizens were doing with their money in foreign banks.

    "The international trend is going toward an automatic exchange of bank deposit information. We no longer strictly oppose that," he stated.

    Germany is one of the countries that believe foreign customers use Luxembourg as a tax haven.

    On Friday, Germany signed a tax evasion treaty with Switzerland, another country known for its secrecy.

    The treaty is designed to enable German authorities to claim back taxes from German depositors hiding money in Swiss banks.

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