Wednesday, 27 October 2010

Spain collects €260 million from 'opaque' HSBC accounts in Switzerland

SPAIN (Agencies) Secretary of the Treasury, Carlos Ocaña, announced this morning that some €260 million has been collected from a total of 659 contributors (two people and the rest, companies) with what he called 'opaque' accounts in Switzerland. This is as a result of demands regarding cases that were about to expire, and is only part of the 3000 similar cases the Spanish tax authorities are investigating since a Pandora's box was opened earlier in the year by Germany regarding such accounts in Luxembourg. All the present accounts were held at the HSBC Private Banking offices in Switzerland, about which Germany bought a CD with the names of alleged tax evaders and to which Spain may have had access. Further investigation and collection are expected.

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