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FINMIN reviews banks’ proposal on secret accounts

04/02/2004 12:25
The proposal on behalf of the banks to operate as representatives of the state on the process of capital legalization of the secret accounts and the issue of the relevant certificate seems to have been rejected by the state. On the other hand, the proposal on currency amnesty is seen positively.

According to StockWatch sources, the alternative proposal included in the memorandum of the Commercial Banks’ Association sent to the Finance Ministry on the regulation of the banking secrecy and the tax amnesty has aroused strong reservations and skepticism to the competent authorities.

“It is impossible to give banks the authority to collect cash for tax purposes, since they were involved in the creation of tax evasion”, state officials told StockWatch, stressing that the enforcement of this proposal might arise an issue of anti-constitutionalism.

Banks: It is a matter of confidence

On the other hand, Commercial Banks’ Association General Manager, Giorgos Hadjianastasiou said that the proposal ensures that no names of legal and natural persons will ever leak. More than that, the citizens trust more their banks or cooperatives than a Committee appointed by the state.

Currency amnesty

As far as the proposal on currency amnesty is concerned, Mr. Hadjianastasiou explained that due to the fact that the export of capital without the approval of the Central Bank is a penal offence, the proposal suggests a currency amnesty to avoid punishment against all those who wish to repatriate their capital. The General Manager avoided to proceed to further details on the memorandum.

State officials told StockWatch, however, that this proposal is seen positively by the authorities.