Arab Today, arab today luxembourg ready to revise financial sector secrecy
Last Updated : GMT 20:52:37
Arab Today, arab today
Arab Today, arab today

Finance minister promises ‘automatic’ exchange

Luxembourg ready to revise financial sector secrecy

Arab Today, arab today

Arab Today, arab today Luxembourg ready to revise financial sector secrecy

Luxembourg has repeatedly come under fire for insular banking policies
Berlin - Arabstoday

Luxembourg has repeatedly come under fire for insular banking policies Luxembourg is prepared to lift the lid slightly on its controversial bank secrecy in an effort to help curb tax evasion by foreign depositors, its finance minister told a Sunday newspaper. Following intense criticism by eurozone partners of Luxembourg's insular banking practices, Luc Frieden told Germany's Frankfurter Allgemeine Sonntagszeitung it would now consider moves toward greater transparency.
"We want to strengthen cooperation with foreign tax authorities," he said.
"The international trend is going toward an automatic exchange of bank deposit information. We no longer strictly oppose that."
He cited interest payments to foreign clients as an example of data that could be given to home countries as a matter of course.
"Luxembourg does not rely on clients who want to save on their taxes."
German Finance Minister Wolfgang Schaeuble called the remarks good news.
"I welcome every step toward an automatic exchange of information," he told Monday's issue of the daily Saarbruecker Zeitung, which provided an advance copy.
"We are in close consultations with Luxembourg and discussed the issue a few weeks ago during a meeting of the German-speaking finance ministers in Berlin."
One of six founding members of the EU, Luxembourg has increasingly come under the microscope in post-global financial crisis legislative clean-up action, primarily for its culture of banking secrecy.
Frieden said recently he wants finance clients to come to Luxembourg "not to escape taxation...but because our products and services are better geared to international needs."
The Luxembourg government said the sector includes 141 banks from 26 countries and 3,840 investment funds sold in 70 other countries.
The issue gained fresh prominence this month when a vast trove of emails and leaked records from offshore tax havens exposed the identities of thousands of account holders.
The release prompted fresh calls to crack down on banking systems that facilitate tax dodging.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today luxembourg ready to revise financial sector secrecy Arab Today, arab today luxembourg ready to revise financial sector secrecy

 



Arab Today, arab today
Arab Today, arab today Reveals his participation in "Fashion Star" TV show

GMT 12:49 2017 Wednesday ,01 March

Reveals his participation in "Fashion Star" TV show
Arab Today, arab today Tabarka beauty between sea, mountain

GMT 06:37 2017 Wednesday ,01 March

Tabarka beauty between sea, mountain
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN report confirms war crimes were committed

GMT 20:43 2017 Wednesday ,01 March

UN report confirms war crimes were committed
Arab Today, arab today NUMP's conference to discuss proplems

GMT 13:40 2017 Wednesday ,01 March

NUMP's conference to discuss proplems
View News in Arabic - Business: أخبار الأعمال
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Parliament considers solutions to overpopulation

GMT 20:27 2017 Monday ,27 February

Parliament considers solutions to overpopulation
Arab Today, arab today Lasers flesh out dino-bird profile

GMT 12:24 2017 Wednesday ,01 March

Lasers flesh out dino-bird profile
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Final Phantom VII signals end of an era

GMT 14:31 2017 Tuesday ,28 February

Final Phantom VII signals end of an era
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Najla Badr will participate in “30 Days” drama

GMT 06:23 2017 Monday ,27 February

Najla Badr will participate in “30 Days” drama
Arab Today, arab today Humans spark most US wildfires

GMT 14:58 2017 Tuesday ,28 February

Humans spark most US wildfires

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 07:54 2017 Wednesday ,01 March

Shanghai expands public smoking ban

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 06:27 2017 Wednesday ,01 March

GSMA: 5 billion mobile phone users in 2017

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday