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Luxembourg to relax secrecy surrounding its banks

  • Luxembourg announced on Wednesday it is to relax the secrecy surrounding its banks.

    It said it would enforce rules on the automatic exchange of bank account information with its European Union partners from 2015.

    According to Prime Minister Jean-Claude Juncker, Luxembourg would introduce the reforms in two years, in line with the EU Savings Directive.

    The move is aimed at boosting transparency and curbing tax evasion.

    Luxembourg is known for its highly secretive banking sector.

    The announcement comes nearly a week after 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.

    Explore the administrative divisions of Luxembourg through informative Map of Luxembourg

    Tagged as: Luxembourg, Luxembourg relaxes secrecy, bank secrecy by Luxembourg, Luxembourg to ease bank secrecy