• Switzerland edition

German minister wants to ban sale of Swiss data

Published: 03 Sep 2012 08:47 GMT+02:00 | Print version
Updated: 03 Sep 2012 08:47 GMT+02:00

The sale and purchase of CDs listing the details of Germans suspected of stashing assets in Swiss banks to avoid taxes should be made illegal, Germany's justice minister told a newspaper on Saturday.

Sabine Leutheusser-Schnarrenberger, a member of the Liberal party (FDP), told the Rheinische Post that buying the data was currently a grey area legally but amounted to theft.

"Buying this data is a murky and highly problematic area both ethically and morally speaking but also judicially," she said.

"Someone who copies data onto a blank CD unbeknown to his employer is indisputably guilty of theft."

The German region of North Rhine-Westphalia declared earlier this month that it would continue to buy the data, considering it a useful way of helping trace fraud.

"Purchasing such data is legal. That has been decided by the highest legal authority. Therefore we will continue to buy such data," Hannelore Kraft told the Bild newspaper.

The data purchased recently indicated that Swiss banks were offering clients tips on how to transfer cash away from Switzerland to Asia before a planned tax deal between the two countries comes into force, said Kraft, according to Bild.

The two neighbours have been embroiled in a spat over tax since 2010 when German authorities raided branches of Credit Suisse bank in 13 German cities after buying data on suspected tax frauds.

Switzerland reacted angrily, saying the data were stolen in violation of its banking secrecy laws. As much as €180 billion ($222 billion) in German assets are hidden in Switzerland, according to unconfirmed media reports.

A tax deal between the two countries, aimed at ending such disputes, is to take effect in January 2013 but still needs to be ratified by both parliaments.

The double taxation agreement, signed by ministers earlier this year, would see German citizens with assets parked in Switzerland's notoriously secretive banks paying a tax rate of 26.4 per cent on these holdings.

But opposition lawmakers in the German upper house, the Bundesrat, have threatened to block the deal.

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)
Today's headlines
Thieves pinch Swiss jewels from Cannes
US actress Eva Longoria poses on Friday at the 66th edition of the Cannes Film Festival in Cannes. Photo: AFP

Thieves pinch Swiss jewels from Cannes

Jewellery worth more than $1 million made by Swiss luxury watchmaker and jeweller Chopard and due to be loaned to stars walking the red carpet at the Cannes film festival were stolen from a hotel, French police said on Friday. READ () »

Chinese premier set to visit Switzerland
Chinese Premier Li Keqiang. Photo: AFP

Chinese premier set to visit Switzerland

Chinese Premier Li Keqiang embarks this weekend on his first foreign trip since taking office, with a stop in Switzerland on the itinerary and free trade talks between the two countries close to completion. READ () »

Sally Ann band bows out of Eurovision contest
The former Salvation Army band, Takasa, shorn of their uniforms. Photo:Eurovision

Sally Ann band bows out of Eurovision contest

The Salvation Army band carrying Switzerland’s hopes into the Eurovision Song Contest was vanquished on Thursday night in Malmö, Sweden. READ () »

Over a third of Geneva workers live elsewhere
Photo: Romano

Over a third of Geneva workers live elsewhere

More than a third of Geneva’s active working population lives outside the canton, with the majority residing in neighbouring France and the rest largely in the canton of Vaud, according to a report issued on Thursday. READ () »

Cycling union's head wins Swiss backing
World Cycling Centre in Aigle, canton of Vaud, home to the UCI. Photo: Wikimedia Commons

Cycling union's head wins Swiss backing

International Cycling Union (UCI) president Pat McQuaid can count on the support of the Swiss federation in his bid for re-election, the sport's global governing body said on Thursday. READ () »

Swiss advance to world hockey semifinals
Swiss goalie Martin Gerber prepares to celebrate victory with team-mates. Photo: Andre Ringuette/HHOF-IIHF Images

Swiss advance to world hockey semifinals

Switzerland headed to the world ice hockey championship semifinals after a 2-1 win over the Czech Republic on Thursday in Stockholm. READ () »

Chairman purged from Glencore Xstrata board
John Bond, just one of several former Xtrata executives sacked from Glencore Xstrata board. Photo: Fabrice Coffrini/AFP

Chairman purged from Glencore Xstrata board

The chairman of newborn mining and commodities giant Glencore Xstrata, John Bond, was on Thursday axed by its annual general meeting in Zug, just weeks after the Swiss-based group was created via a merger of two key players. READ () »

Kenyan nominated to head UN trade body

Kenyan nominated to head UN trade body

United Nations chief Ban Ki-moon has nominated former Kenyan minister and member of parliament Mukhisa Kituyi to lead the UN's Geneva-based trade and development body when the current chief steps down at the end of August. READ () »

Richemont plans higher dividend after profit rise
Richemont headquarters in Geneva. Photo: Richemont

Richemont plans higher dividend after profit rise

Geneva-based luxury goods giant Richemont boosted net profit for the 2012-2013 year by 30 percent as expected, with strong performances in its jewellery and watch divisions and by favourable exchange rates, the group said on Thursday. READ () »

Unions hail Bangladesh garment industry deal

Swiss-based labour federations Industrial Global Union and UNI Global Union on Thursday praised top retailers for joining their drive to make Bangladesh's garment factories safer, after 1,127 people died in a factory collapse last month. READ () »

Highlights
Furniture Leasing Corporation
Henrik Trygg/imagebank.swede.se
Latest news from The Local in Sweden

More news from Sweden at thelocal.se

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Norway

More news from Norway at thelocal.no