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Defending Bank Secrecy, Austria Risks Attracting Dirty Money
By Colby Adams
printAs European countries continue to fold to international pressure to increase their financial transparency, Austria's defense of bank secrecy may be a selling point to money launderers, say compliance experts. In a statement and separate remarks earlier this month ahead of a meeting of European Union officials, Austrian Finance Minister Maria Fekter characterized intergovernmental tax agreements that require automatic data exchanges as a violation of privacy rights. In contrast with other nations, Austria would retain its bank secrecy controls, she said. With its 25 percent tax on capital gains and its policy of transferring the proceeds of the 35 percent...
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