Economics

Luxembourg & Austria blamed for bank secrecy delay

EU finance ministers voiced frustration on Tuesday as Luxembourg and Austria continued to hold up approval of new rules meant to end bank secrecy and so help eliminate tax fraud.

10.12.2013

(AFP/JB) EU finance ministers voiced frustration on Tuesday as Luxembourg and Austria continued to hold up approval of new rules meant to end bank secrecy and so help eliminate tax fraud.

"This impasse is completely unacceptable," Spanish Finance Minister Luis de Guindos said while his Italian counterpart, Fabrizio Saccomanni, complained that tax fraud was being allowed to continue freely as a result.