Mon, Apr 15, 2013 - Page 15 News List

Austria defies pressure to end bank secrecy

Reuters, DUBLIN

She had earlier attacked the G20 top economies for not taking what she branded centers of money laundering such as the Cayman Islands, Virgin Islands or Delaware.

Confidentiality is so cherished in Austria that banking secrecy, which has deep traditional roots, is anchored in the constitution.

However, Fekter faces a difficult fight. Tax evasion deprives EU governments of roughly 1 trillion euros (US$1.3 trillion) annually. France, in particular, wants to underscore its determination to tackle tax fraud.

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