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Luxembourg To Ease Bank Secrecy Rule, Share Data In 2015

Luxembourg will begin the automatic exchange of tax data in 2015, easing its bank-secrecy rules as part of efforts to fight the financial crisis.

Luxembourg will change its rules to coordinate with policy in the U.S. and 25 of the EU’s 27 member nations, Prime Minister Jean-Claude Juncker told his nation’s parliament today. Luxembourg and Austria have been holdouts in the EU’s efforts to coordinate savings taxes and hold talks with non-EU countries.