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Luxembourg's banking and financial industry has more than €3 trillion in assets (Photo: Cesar Poyatos)

'Bank secrecy to die' after Austria and Luxembourg back EU law

Austria and Luxembourg at a summit on Thursday (20 March) in Brussels agreed to back EU plans to increase transparency in tax reporting.

"We confirmed today that this is the course we want to follow," Luxembourg Prime Minister Xavier Bettel said.

The two countries had delayed endorsing EU reforms on the tax savings directive over the past six years of negotiations.

The political agreement means the updated directive is set to be adopted next Monday, before it is transposed...

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Author Bio

Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.

Luxembourg's banking and financial industry has more than €3 trillion in assets (Photo: Cesar Poyatos)

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Author Bio

Nikolaj joined EUobserver in 2012 and covers home affairs. He is originally from Denmark, but spent much of his life in France and in Belgium. He was awarded the King Baudouin Foundation grant for investigative journalism in 2010.

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