Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Germany pays 1.5 mln euros for Julius Baer data

Published 10/18/2010, 11:38 AM
Updated 10/18/2010, 11:40 AM

* CD contains 200 sets of data-Muenster prosecutor's office

* Baer will not comment

* Switzerland seeking to tie up key tax deal with Germany

FRANKFURT/ZURICH, Oct 18 (Reuters) - German prosecutors paid around 1.5 million euros ($2.1 million) for client data from Swiss bank Julius Baer, part of its two-pronged campaign to clamp down on untaxed German wealth held in Switzerland.

A spokeswoman for the prosecutor's office in the German city of Muenster said on Monday the state of North Rhine Westphalia had bought a CD containing 200 sets of data.

The purchase happened earlier this summer and the proceeds had been donated to a charity, the spokeswoman said.

Baer spokesman Martin Somogyi would not comment.

Germany, along with Italy, the United States and France, has been one of the most fervent critics of Switzerland's banking secrecy laws and has paid in the past for stolen data from Swiss banks in order to catch tax cheats. The pressure has already prompted Switzerland to relax its cherished bank secrecy and comply with international disclosure standards.

Germany and Switzerland are also seeking to finalise a deal by the end of October that will clarify tax disclosure rules for Switzerland's multi-trillion-dollar wealth management industry.

The aim is to resolve the problem of an estimated 200 billion euros of untaxed German wealth hidden in Switzerland.

In July, German prosecutors raided every Credit Suisse office in Germany after an analysis of a compact disc with names of 1,500 alleged tax dodgers obtained by tax authorities.

A bitter dispute between the U.S. tax authorities and UBS damaged the Swiss industry's reputation and forced the banking giant to agree to hand over the names of about 4,450 clients to Washington.

In 2008, Germany paid for data stolen from Liechtenstein's top bank LGT. Former Deutsche Post chief Klaus Zumwinkel's Liechtenstein trust was uncovered in that data. He received a suspended jail sentence after admitting tax evasion.

Since the Credit Suisse client CD fell into the hands of tax authorities in Germany, more than 10,000 people have confessed to evading taxes to state authorities, German media have said.

Under German law, those who report undeclared income themselves and pay back tax plus interest owed before an investigation is started are exempt from prosecution. (Reporting by Anneli Palmen in Duesseldorf and Jason Rhodes in Zurich; Writing by Edward Taylor; Editing by Andrew Callus) ($1 = 0.7193 euro)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.