The authorities of Luxembourg announced its readiness to change the rules of bank account data exchange with the EU. The changes will take effect in less than two years.
“We can introduce the automatic exchange of (bank account) information without any danger from January 2015,” Prime Minister Jean-Claude Juncker said.
The decision to introduce new rules was inspired by the EU’s demand to provide all European states with access to details of foreign depositors’ accounts. This measure is meant to crack down on tax evasion, and Luxembourg is the only country left that has not adopted the EU standard yet.
There have recently been especially many appeals for modification of Luxembourg banking regulations, as its EU partners squeezed by the crisis need additional tax revenues to consolidate the budget.
