Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Swiss CD sparks nationwide tax raids

Share this article

Swiss CD sparks nationwide tax raids
Photo: DPA
14:46 CEST+02:00
Germany-wide raids on suspected tax evaders began on Tuesday after a western state obtained a CD containing data on thousands of Germans banking in Switzerland.

Rhineland Palatinate paid out €4 million for the disc, which held data suggesting around 10,000 Germans had collectively saved €500 million in taxes by putting money in offshore banks, the state's Finance Minister Carsten Kühl confirmed.

The data was, he said, authentic and of first-rate quality. It showed that money was being kept in accounts at banks Credit Suisse and Neue Aargauer Bank.

Employees from both banks are under investigation for assisting tax evasion, the Koblenz state prosecutor said, and cases against 201 German clients are now being prepared.

The federal finance ministry is thought to be using the CD as a way to open up conversation with Switzerland about banking.

In a statement released on Tuesday, the ministry said it stood behind Rhineland Palatinate's decision to buy the CD, which Der Spiegel magazine said first surfaced last year.

DPA/The Local/jcw

Get notified about breaking news on The Local

Share this article

The Local is not responsible for content posted by users.
Become a Member or sign-in to leave a comment.
Advertisement

From our sponsors

Change the world with a master's degree from Sweden's Linköping University

Master's students at world-leading Linköping University (LiU) aren't there simply to study. They solve real-world problems alongside experts in fields that can create a better tomorrow. Do you have what it takes to join them?

Advertisement