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Austria to Give Up Bank Secret for Foreigners

People ♦ Published: May 14, 2013; 11:30 ♦ (Vindobona)

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After years of blocking, Austrian Finance Minister Maria Fekter gave green light to the abandoning of the bank secret for foreigners.

Austria to Give Up Bank Secret for Foreigners / Picture: © ÖVP Bundespartei / Jacob Glaser

Before the Council of EU Finance Ministers in Brussels, Fekter annouced that she managed to push through the Austrian government’s position and called it a great step forward. Most notably she was able to insist on the agreements with Switzerland and Liechtenstein and therefore keep the withholding tax. She explained that after the negotiation mandate had been specified to the…