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Home BUSINESSAustria should change mind regarding banking secrecy, FM
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Sun, 14 Apr, 2013 03:25:32 AM
FTimes-STT Report, April 14
The Finland Minister, however, said that it was difficult to say whether the Austria is ready to change its position in this regard.Urpilainen made the remarks at an informal meeting of Economic and Financial Affairs Council (ECOFIN) ministers at Dublin in Ireland. The two-day meeting of the EU finance ministers and governors of EU central banks focused the current economic and financial issues in the Euro zone.
She said that it was essential to ensure transparency in the banking sector to fight against tax evasion. If the foreign Banks maintain secrecy in exchanging information, it would be difficult to check tax evasion by the foreign bank depositors.
She emphasized that the policy of secrecy should be removed  to check the  tax evasion.
Austria, however, defied the pressure came from most of the EU countries regarding the bank secrecy issue.
It is clear that the situation is changing and the EU countries are now more willing than before for the eradication of tax evasion.
Urpilainen also said  the move has also been affected by a very wide public debate created at different parts of Europe.
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