Austria Slams UK Over 'Tax Haven Hypocrisy'

Austria's finance minister has slammed Britain over its push against tax havens and bank secrecy laws.

Maria Fekter said: "Great Britain has many money laundering centres and tax havens in its immediate legal remit - the Channel Islands Gibraltar, the Cayman Islands, Virgin Islands.

"These are all hot spots for tax evasion and money laundering."

Ms Fekter would fight transparency "like a lion"

Ms Fekter made the statement as she arrived in Dublin for a two-day meeting of eurozone finance ministers, where the Cyprus bailout is on the agenda.

Earlier, Ms Fekter said she would "fight like a lion" to defend Austria's banking privacy.

"Austria is sticking to bank secrecy. We fight tax evasion and money laundering. I don't expect any uncomfortable questions."

According to an estimate by The Economist magazine, some $3trn (£2trn) has been ploughed in oblique tax haven accounts where investors' identities can remain hidden.

A recent data leak allegedly revealed Caribbean account holders as including British nominee firms, American dentists and the families of dictators.

Austria has vowed to stick to its bank secrecy laws on EU depositors, even though it has come under increasing EU pressure.

Prime Minister David Cameron and Chancellor George Osborne have both pushed for greater transparency among EU and G20 nations.

Business Secretary Vince Cable has also voiced serious concerns over multinational businesses using cross-border structures to reduce corporation tax liabilities.

Australia has already informed large companies that their tax accounts would be made public.

The outburst from the Austrian finance minister comes amid pressure from Germany for Luxembourg, which has become a finance hub for many multinationals, to improve bank transparency.

Luxembourg said it would improve transparency from 2015 and Austria remains the last EU nation to resist greater exchange of financial data.

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