Luxembourg has finally agreed to lift bank secrecy and will work with U.S. tax officials to exchange information about U.S. citizens and residents with bank accounts in the country, reports Reuters. Luxembourg cooperated with the European Commission back in April, and announced they would end their banking secrecy rules in 2015 and release data reports about EU citizens that have saving accounts in the country. Luxembourg was under immense pressure to end bank secrecy in spite of tax haven accusations. The banking industry in Luxembourg is almost 22 times bigger than the size of their economy and has deposits 10 times its GDP.
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