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News Summary: Luxembourg to help fight tax cheats

The Associated Press

TRANSPARENCY: Luxembourg will start exchanging information with the rest of Europe to help fight tax evasion and make the country's financial sector more transparent. Luxembourg's 141 banks — including many foreign bank subsidiaries— hold assets worth more than $4 trillion.

TAX HAVEN: The decision follows international pressure to end its policy of banking secrecy which critics argue has helped hide money from tax authorities.

AUTOMATIC NOTICE: Starting in 2015, the government will set up an automatic information exchange about interest payments made to European Union citizens with bank accounts in Luxembourg to ensure taxation in the customer's home country.