Germany to Buy Stolen Swiss Bank Data for 2.5 Million Euro

February 3, 2010 /EIN PRESSWIRE/ Switzerland has long been a haven for banking clients that value secrecy above all, but the German government has broken the security seal, having agreed in principle to buy stolen Swiss banking data from a whistleblower.

This data could yield information on as many as 1,500 German tax evaders and net nearly 100 million EUR for the German government in unpaid taxes. The Swiss authorities are countering that the purchase of the data amounts to bank robbery.

Are the days of the glorified Swiss bank account over and does one nation have the right to buy such "stolen" data, regardless of the purpose?

Read more at Banking Industry Today:

Latest Bank Secrecy news - http://banking.einnews.com/news/bank-secrecy
Latest Switzerland Banking news - http://banking.einnews.com/switzerland/
Latest Germany Banking news - http://banking.einnews.com/germany/

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