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Business digest
‘Banking secrecy’s days numbered’
VIENNA: Europe is heading towards the automatic transfer of banking data to fight tax evasion, Prince Hans-Adam of Liechtenstein said Tuesday, amid growing pressure to abandon banking secrecy.
“I think that we are moving in the direction of automatic data transfer. The pressure is growing ever greater,” the tiny principality’s former head of state said in a visit to Austria.
Consensus is building in the European Union to abolish banking secrecy and for countries to automatically pass information on bank depositors to the countries where they pay tax.
