German state plan to use stolen data against Swiss Banks

German authorities are planning to utilise stolen banking data in order to target around 40 more Swiss banks for assisting people to evade their tax obligations.

German state plan to use stolen data against Swiss Banks

However, the state has already netted approximately €600 million in penalties and fines from ongoing investigations. North Rhine-Westphalia authorities, the referred state, have already fined Swiss Banks, simular to the Credit Suisse case with €150 million, UBS €300 million and Julius Baer €50 million. Nonetheless, almost 100,000 individuals have been threatened by actions to combat tax evasion, supplying information about their unpaid taxes and fines.

According to a German news website, the state Finance Minister Mr. Norbert Walter-Borjans had confirmed that the number of the Swiss banks is extensive, adding that some banks have incorporated tax evasion in to their business models.

“From what we have seen, [some banks] have systematically offered a tax evasion service, which has made them a lot of money.”

-State Finance Minister said.

Norbert Walter-Borjans was ready to go through with the purchasing of stolen data as a basis to start investigations, however, as the state was ready to accept such data, it drew the line at encouraging people to steal it.


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