Luxembourg says removed from tax haven "grey list"

LUXEMBOURG (Reuters) - 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.

Accords had been signed with the United States, the Netherlands, France, Denmark, Finland, Britain, Austria, Norway, Qatar, Bahrain, India, and Armenia, Frieden said.

Reporting by Michele Sinner; Writing by Antonia van de Velde; Editing by Victoria Main