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“There is a deliberate confusion between the professional secrecy obligation of the banker and a tax administration’s right to access banking data.” These are the words of Jean-Jacques Rommes, General Manager of the Luxembourg Bankers’ Association (ABBL) at a Conference organised by the University of Luxembourg in cooperation with the International Fiscal Association. According to the speaker, the culprits are everywhere.
Jean-Jacques Rommes names three guilty parties for this amalgam. “Professionals themselves have “sold” banking secrecy using this characteristic, clients have “bought” it for this reason and States who see us as a tax haven have clearly not described their version of reality in a much nuanced manner”. The General Manager of the Luxembourg Bankers’...
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