Austria has been promoted to the "white list" of countries that comply with international tax standards, according to the latest progress report by the body leading a global fight against tax havens.
Austria had been among several states resisting the adoption of rules on forwarding account details to other tax authorities.
The change had been expected because Austrian lawmakers voted earlier this month to relax the country's banking secrecy regulations.
The change paved the pay for the country to be removed from the Parisbased Organisation for Economic Cooperation and Development's "grey list"of countries not complying with international reporting norms.
The Austrian Finance Ministry says the country has signed 15 agreements on double taxation or exchange of information with other countries, a prerequisite for getting off the grey list.
"Many more agreements are being negotiated," ministry spokesman Harald Waiglein said in Vienna.
The grey list still includes nations such as Andorra, Monaco, San Marino, and the British territory of Gibraltar.
It was not immediately clear why Monaco was still named as a tax haven,as the small state had announced last Friday that it had also fulfilled the OECD's requirement by signing 12 bilateral agreements.
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