Lawmakers in Uruguay may impose wealth and income taxes on assets held by Uruguayans abroad, while new laws may also erode bank confidentiality, according to Tax-News.com.

The legislation is currently being debated in the lower house of the Latin American country’s parliament.

Economy minister Fernando Lorenzo sought to defend the bill, stating that information on bank accounts in Uruguay would still be protected by confidentiality laws and that information can only be accessed through a court order, the report said.

The Uruguayan opposition party under Conservative leader Pedro Bordaberry characterized this move as a surrender of sovereignty to rich countries, especially Argentina and the US.

Around the world, bank secrecy laws – most notably those of Switzerland – are under pressure from governments seeking to catch alleged tax evaders.