The German government says it plans to buy a CD containing customer data apparently stolen from British bank HSBC's operation in Switzerland. The move has enraged Swiss officials, but it already appears to be bearing fruit. Berlin expects a wave of tax evaders to turn themselves in over the coming days in the hope of avoiding prosecution.
The German government's plan to buy stolen bank data from Switzerland to nab tax evaders is already showing signs of success. Finance Minister Wolfgang Schäuble of the conservative Christian Democratic Union wants to purchase a CD with data reportedly stolen from a Swiss branch of British bank HSBC that allegedly contains information about German tax evaders for €2.5 million ($3.49 million).
The CD is believed to contain information about 1,500 tax-evading German citizens, who possibly owe a total of as much as €100 million. Despite criticism from within her own party, Chancellor Angela Merkel has made clear that she is interested in accepting the offer, which has been described as immoral and criminal by some critics. The last time the German government bought stolen data, it became a financial boon for the treasury and this time, too, Merkel and her government have money in their eyes.
Before the government has even purchased the CD, tax evaders across Germany are already considering turning themselves in. Finance Minister Schäuble has encouraged them to take this step. "I can only advise anyone who has evaded taxes in the past to turn themselves in," he told the Augsburger Allgemeine newspaper.
More from Spiegel HERE.
The German government's plan to buy stolen bank data from Switzerland to nab tax evaders is already showing signs of success. Finance Minister Wolfgang Schäuble of the conservative Christian Democratic Union wants to purchase a CD with data reportedly stolen from a Swiss branch of British bank HSBC that allegedly contains information about German tax evaders for €2.5 million ($3.49 million).
The CD is believed to contain information about 1,500 tax-evading German citizens, who possibly owe a total of as much as €100 million. Despite criticism from within her own party, Chancellor Angela Merkel has made clear that she is interested in accepting the offer, which has been described as immoral and criminal by some critics. The last time the German government bought stolen data, it became a financial boon for the treasury and this time, too, Merkel and her government have money in their eyes.
Before the government has even purchased the CD, tax evaders across Germany are already considering turning themselves in. Finance Minister Schäuble has encouraged them to take this step. "I can only advise anyone who has evaded taxes in the past to turn themselves in," he told the Augsburger Allgemeine newspaper.
More from Spiegel HERE.
Poster's note: The Euro is currently valued at about 1.4 U.S. dollars.
2 comments:
The German government is going to pay over $3 million for stolen information? Isn't this illegal in itself?
Too bad for those whose hand were caught in the cookie jar.
Makes me wonder how many dollars are hidden offshore from the U.S. that we'll never see taxed, and that we make up the difference for.
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