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Luxembourg's Minister for the Budget, Luc Frieden, yesterday warned a conference of Austrian, Swiss and Luxembourgish financiers that he fears being black-listed by countries considering them as tax havens.
Finance Ministers Josef Pröll from Austria and Hans-Rudolf Merz from Switzerland met their Luxembourg counterpart in a mini-summit ahead of the forthcoming G20 meeting.
The three countries have vowed to continue their practice of banking secrecy despite being viewed by others of being tax havens, which the three deny. However, they stressed that The banking secrecy should not be abused in order to hide illegal activities, and they vowed to continue the fight against money laundering, financing of terrorism and international tax fraud.
Source: Station
Austria, Switzerland and Luxembourg vow to fight money laundering
March 10, 2009 | 
Subjects:
AML,
Luxembourg
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