French tax fraudsters who have undeclared Swiss bank account, have until late May to regularize their situation, or flee to other lands, according to the Swiss newspaper.

French tax fraudsters who have undeclared Swiss bank account, have until late May to regularize their situation, or flee to other lands, according to the Swiss newspaper Le Matin Dimanche. According to him, most banks Geneva gave a deadline for their customers to terminate or clear off. “In Lombard Odier, a large private bank in Geneva, the ultimatum is even closer, to March 31, the newspaper, citing internal guidelines.

swiss-banks

Complex financial arrangements

The problem comes from clients who refuse at all costs to rectify. The newspaper said they “are many,” and have hidden their accounts fixtures complicated companies, sometimes with the assistance of the bank. For them, the “only hope is to escape,” especially to Panama, the Bahamas and Dubai, as they declared themselves, fines the French tax authorities would be so high that they could lose everything, the newspaper added. Banking community in Geneva, we deplore in fact the amount was too high penalties provided by Cazeneuve Directive. Limited to 30% or 35% penalties assets have encouraged more remittances in France, according to Geneva bankers, requesting anonymity and citing the example of the Spanish tax amnesty for fraudsters who placed funds in abroad.

Potential revenues of € 1 billion

A directive in June 2013 French Budget Minister Bernard Cazeneuve allows fraudsters to regularize their situation, framing the sanctions. In late January, Bernard Cazeneuve said more than 12,000 applications for regularization were submitted to the tax authorities by taxpayers holding accounts abroad, which represents potential revenue “over one billion euros” . The Minister said he was “determined to win this fight” against tax evasion, adding that “for now, we are to win” and that it should “get automatic information exchange agreements with all countries. ”

“We can not accept, taking account of the efforts that are made by the government and the Europeans to straighten the accounts, whether European citizens who seek to evade taxes sometimes extraordinarily sophisticated fixtures “said the minister. The number of unreported bank accounts held by the French is not officially known, because of bank secrecy. Figures circulating in the press reports of 80,000 accounts.