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After Decades of Pressure, Luxembourg Drops Bank Secrecy Rules

European Union finance ministers have reached a breakthrough agreement that will make it more difficult for tax cheats to hide their money. The new legislation, which had been blocked for years by countries with a reputation as tax havens, was approved last week after Luxembourg and Austria agreed to lift their vetoes. But, it doesn’t mean tax cheats have run out of places to keep their money hidden. In countries like Luxembourg, where bank secrecy used to be the norm,...

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