Austrian Bank Secrecy to be Abolished by 2016

People ♦ Published: February 24, 2014; 17:47 ♦ (Vindobona)

EU Commissioner Algirdas Semeta recently stated that bank secrecy in Austria will expire since by then the automatic exchange of information will be implemented as a standard.

Austrian Bank Secrecy to be Abolished by 2016 / Picture: © Wikipedia / Valsts kanceleja/State Chancellery

This means for Austria that from January 1, 2016 the Austrian bank secrecy is a thing of the past. At the same time Semeta forces Switzerland to cooperate in terms of automatic information exchange.

The G20 finance ministers already decided upon the automatic exchange of information on a global basis, which is a step towards abolishing bank secrecy in Austria. All EU member…

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