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Austria Gives Ground in Effort to Curb Bank Secrecy


Austria Gives Ground on Tax Avoidance

The European Union inched closer to ending bank secrecy on Wednesday when Austria agreed to start sharing personal bank account information with other countries as long as similar rules also applied to tax havens like Switzerland that are not part of the bloc.

It was the first time that Austria, long considered a tax haven for the wealthy, agreed to a deadline for disclosing such information after rebuffing calls for greater transparency for a decade. The country said it expected to reach an agreement in principle on the matter by the end of the year.

That news, at a summit ...