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After years of pressure, Luxembourg drops bank secrecy rules

LUXEMBOURG (Reuters) - Luxembourg agreed on Tuesday to end its bank secrecy rules from 2017, yielding to a decade of pressure from Germany and the United States and marking a breakthrough in global efforts to reduce tax evasion. Luxembourg, whose banks hold deposits worth 10 times the nation's annual economic output, said it would adopt an international standard for the automatic exchange of bank data, meaning EU citizens can no longer routinely hide money away in the Grand Duchy. "We do this with the understanding that all are committed to a single global standard," Luxembourg's Finance Minister Pierre Gramegna told his EU peers at a meeting in his country, which...