On March 20, 2014 Austria and Luxembourg accepted a long-delayed European Union law aimed at curtailing bank secrecy and tax evasion.
That law, which Austria and Luxembourg have blocked since 2008, would require the EU's 28 member states to automatically exchange information on accounts held by their citizens abroad, making it easier to find hidden funds and collect taxes on interest income.
Prime Minister Xavier Bettel has lifted the long standing reservations of Luxembourg and allowed for the implementation of the European directive that has lead to improving bank transparency rules.
Until November 2013, the Minister of Finance of the Jean-Claude Juncker coalition government (Christian Democrat - Socialist) had in the ECOFIN opposed the approval of this directive.
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27 May 2014Guy Verhofstadt attended the liberal prime ministers' meeting today ahead of the informal European Council
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