European Union officials discussed plans Tuesday to cooperate with a U.S. law aimed at tax evaders, and the expected introduction of a new model agreement for related, reciprocal data exchanges.
As European countries continue to fold to international pressure to increase their financial transparency, Austria's defense of bank secrecy may be a selling point to money launderers, say compliance experts.
Financial institutions are likely to review their relationships with two Austrian banks after the leak of a U.S. State Department diplomatic cable outlining concerns over the institutions' compliance programs.