EU scraps bank secrecy to catch cross-border tax evaders

EU finance ministers on Tuesday (7 December) agreed to remove bank secrecy as a reason for blocking cross-border tax fraud investigations, in a bid to find fresh resources for cash-strapped state coffers.

"Tax evaders can no longer exploit bank secrecy as an excuse," EU taxation commissioner Algirdas Semeta said after the meeting.

He called the deal "a huge step forward in the fight against tax evasion and tax fraud in the EU" at a time when budgets are under huge pressure amid t...