Austria's political parties agreed today to loosen banking secrecy rules, in an effort to be removed from a list of countries not complying with international transparency standards, DPA reported. Austria is the last European Union country on the so-called grey list of tax havens drawn up by the Organization for Economic Co-operation and Development. The new law should make it easier for other governments to get help from Austria in getting information about bank accounts set up by tax evaders. The conservative People's Party confirmed the agreement among all parties in parliament and said the law was expected to be passed Tuesday. With the new legislation, Austria aims to prevent possible sanctions by the European Investment Bank and the G-20 group of major economies. To be removed from the grey list, Austria has yet to conclude double taxation agreements with 12 countries. Switzerland, which is also among the listed countries, signed its first such agreement last Friday with Denmark.
