The Portuguese government will resubmit for presidential assent a bill that would compel banks to tell the tax authorities if any depositor holds an account containing €50,000 (US$60,000) or more, Xinhua reports.
The Chinese state-run news agency says Portuguese President Marcelo Rebelo de Sousa vetoed the bill in 2016 on the grounds that the Portuguese economy and banking system were insufficiently robust to withstand the likely effects of the legislation.
The report says Portuguese Finance Minister Mário Centeno told a press conference that the Council of Ministers had decided to resubmit the bill for enactment.
“The government has worked tirelessly to bring stability to the financial system,” Mr Centeno said.
The bill is intended to counter fraud, tax evasion and money laundering, Xinhua says.
