Spain will spy on its bank accounts

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Photo: Cordon Press.
The Spanish Government will be keeping a close check on all accounts and assets.

The Spanish Government has revealed that it plans to collect data on all of the country’s 34 million bank accounts.

 

The move, which is said to be a bid to crack down on money laundering and the funding of terrorist activity, has drawn widespread criticism.

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The government will be setting up an archive of data on the financial activity of all Spaniards and residents in Spain, according to national daily El País.

Banks in Spain will have to supply details of all personal and business current accounts, savings accounts and fixed-term accounts they hold to the Secretary of State for the Economy.  

Allegedly, the Tax Office, the military, the General Council of the Judiciary and the secret services will then be able to access this stored information. 


Spain’s politicians and high-ranking officials will also see their finances come under closer scrutiny. It is hoped that this will aid the country in tackling corruption.

Supposedly, the account information will only be able to be accessed with a court order.

Once this information has been requested though, a number of officials including judges, prosecutors, police officers and intelligence agents will have access to the accounts, assets and deposit accounts included in this database.


France and Germany have already adopted similar systems to combat corruption.

The new rules are in line with the anti-money laundering recommendations of the 35-country Financial Action Task Force.

Legal experts and consumer groups have voiced damning criticisms, questioning confidentiality laws and pointing out that tax-dodgers will just move all their financial assets abroad, to tax havens.

An account into which a significant number of people make deposits will be regarded as “suspicious.”

Transactions over €1,000 will be flagged if deemed suspicious, while all transactions over €30,000 can be checked.

According to the rules, transfers of over €3,000 a month will also be checked.

Spain’s Economy Ministry has two years to implement the project.

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4 COMMENTS

  1. Funding terrorist activity…? If they hadn’t been given the word ‘terrorist’ by that criminal waste of space George Dubya they would have had to invent it!
    So they are going to look at the bank accounts of 34 MILLION people to find terrorist funds? Are we really expected to believe that? How are they going to do it? What exactly is it that marks out a ‘terrorist’ account? If they know already why do they need new powers? And who believes the accounts of the truly corrupt politicians will actually be looked at? Nobody! They will just pay whoever they have to pay to turn a blind eye.
    France has already adopted a similar system has it? A country almost as corrupt as Spain but, unlike Spain, it is not reported because of strict censorship. Hasn’t worked in France why should it work in Spain?
    Seems that politicians everywhere have forgotten what it is they are supposed to be doing and who is paying their wages.

  2. Don´t expect the presenters on ” A place in the sun ” to ever mention this in their rose tinted ” c´mon in the waters fine ” view on Spanish property.I have yet to hear any of them mention the the new laws on property letting,form 720 or the draconian € 500 fine for being one kilometre over the speed limit.

  3. Could it possibly be a form of retaliation by the PP governing party for the fact that there own cash is on hold and their treasurer in jail trying to explain where the 40.000.000 euro bank account came from. The one in Switzerland that is, not the Panamanian, Canadian or North African ones. They must be really broke and don’t know where the next envelope is coming from.

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