European Data Protection Digest

Minister: Bank Info Sharing Raises Privacy Concerns

FINANCIAL PRIVACY—AUSTRIA & EU

April 18, 2013

Dow Jones Business News reports there is a push among many EU member states to enable easier and automatic sharing of bank information. Countries, including the UK, Germany and France, want to make hiding money in tax havens far more difficult as they struggle through the worldwide recession and maximize government ability to track terrorists. However, Austrian Finance Minister Maria Fekter expressed concern about privacy, saying that it “is a fundamental right in the EU,” and automatic exchange of bank information “involves the state snooping around very deep in people’s private information.”
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