Luxembourg, known for its highly secretive banking sector, recently faced criticism for its insular banking practices.
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"We want to strengthen cooperation with foreign tax authorities," he said.
Frieden acknowledged that other countries were increasingly demanding more information on what their citizens were doing with their money in foreign banks.
"The international trend is going toward an automatic exchange of bank deposit information. We no longer strictly oppose that," he said.
Last month’s EUR10 billion bailout of Cyprus, whose banking system was swollen by foreign deposits attracted by low taxes and easy regulation, has put the spotlight on tax havens.
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By GlobalData
