New rules about a broader exchange of banking information between European Union countries

The European Union overcame resistance from Luxembourg and Austria concerning bank secrecy and all countries of EU agreed on Summit, held on March 19-20, 2014 to exchange information on bank clients. In fact, it means no banking secrecy throughout the European Union.

Thus, the European Union has tightened control over tax revenues and fight against tax fraud.

“Such a move is inevitable and necessary for the EU Member States could take stronger measures against tax fraud and tax evasion”, – said the president of the European Council Herman Van Rompuy. Moreover, he added: “Banking secrecy is doomed to extinction”

New rules on a broader exchange of banking information between EU countries will take effect in the year 2016 and will complement the existing in the year 2015 EU Directive on administrative cooperation in the field.