Luxembourg to ease bank secrecy

Luxembourg's Prime Minister Jean-Claude Juncker says the grand duchy will ease the secrecy surrounding its banks by implementing rules on the automatic exchange of bank account information with its European Union partners from 2015. The rules form part of the E.U.'s drive to create greater transparency in financial transactions and minimize tax evasion. Calls for a crackdown on bank secrecy have been increasing as European governments seek to raise more taxes to support their finances and the U.S. wants easier tracking of terrorist and criminal funding.