LUXEMBOURG SAYS REMOVED FROM TAX HAVEN "GREY LIST"

Post Chronicle
Jul 8, 2009

Luxembourg has been removed from a "grey list" of countries seen
by the OECD as lacking financial transparency, Budget Minister Luc
Frieden said on Wednesday. "As of this afternoon Luxembourg will be
on the OECD tax haven white list," Frieden told a news conference.

The Paris-based Organization for Economic Cooperation and Development
had placed Luxembourg on the so-called grey list of countries that
have agreed to improve transparency standards but have not yet signed
the necessary international accords.

Frieden said Luxembourg had signed 12 agreements of exchange of
information. By the end of the year, 15 agreements would be signed,
with Belgium and Germany to follow in the coming weeks.

"We negotiated quickly and with serious countries," Frieden said.