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“Austria has initiated the abolition of banking secrecy for foreigners and will begin talks with the European Union (EU) over automatic information exchange, Austrian Chancellor Werner Faymann said Tuesday.  Up to now Luxembourg and Austria have been the only two EU nations to refuse to disclose the identity of bank account holders from other EU countries. Luxembourg announced during the weekend its own intention to give up the practice for foreigners.  Faymann added that the practice of tax avoiding through falsifying tax liabilities had to be stopped.”

Archived link: http://www.nzweek.com/business/austria-to-give-up-banking-secrecy-for-foreigners-58844/