Luxembourg Defers Signing The Mutual Assistance in Tax Convention Pending A Decision to Enact Legislation to Lift Bank Secrecy

A report of Commission of Financial Affairs of the Lower House Luxemboug states that Luxemboug is prepared to sign the Council of Europe and OECD Convention on Mutual Administrative Assistance in Tax Matters of January 25, 1988.  However, before it signs, it is awaiting the enactment of a porposal to lift the secfrecy of banks in certain criminal cases, which is currently under study by the State Council.  Luxemboug rejects EC proposals to lift legal barriers in the international exchange of information.