Offshore centers seek to solve bank secrecy riddle
ZURICH (Reuters) - European offshore centers are seeking ways to ward off relentless foreign pressure on bank secrecy that is threatening their role as financial hubs, but appeared after talks in Luxembourg to lack a concrete strategy.
Swiss Finance Minister Hans-Rudolf Merz met ministers from Luxembourg and Austria, the only two European Union states that still retain bank secrecy, and the prime minister of formerly black-listed tax haven Liechtenstein during closed-door talks in the heavily-guarded castle of Senningen.
They were joined for the first time by German Finance Minister Wolfgang Schaeuble, whose determination to hunt down tax cheats even by purchasing stolen data has rattled the multi-trillion dollar offshore banking industry.
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