Luxembourg Strengthens and Formalizes Bank Secrecy

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Saturday, April 1, 1989
Author: 
Bruce Zagaris
Volume: 
5
Issue: 
4
Abstract: 
At a time when most governments are enacting laws to erode banking and business confidentiality, Luxembourg moved on March 24 to formalize its long-standing administrative regulations that forbid its banks from exchanging information to local or foreign tax authorities.  Luxembourg acted by signing a decree under special economic powers.