Pavel Medvedev: the End of banking secrecy – a priceless gift

From 1 July in Russia is no more Bank secrecy. All the banks themselves began to send tax information on the accounts of citizens: who opened and who closed. And tax now without the sanction of the court to request a copy from any account and data on the movement of funds. This – financial Ombudsman Pavel Medvedev.

– For some reason I think that now officials do not hide: after all, any unexplained income is gonna come out. And in fact, nothing revolutionary happened. The end of banking secrecy occurred within the last 20 years – from her little “bit off” constantly.

We move in the global trend, although, of course, it is unpleasant to feel under the hood. But the trouble is not that the tax became available a Bank account. And that this information is for them largely meaningless: for them to process such a huge dataset. Therefore, control can go only selectively.

Theoretically, the innovation is intended to increase tax collection. In practice, it can only be a means of pressure on individuals.

Recently, the US passed a law called FATCA. The law obliges all banks to enter into contracts with the tax Agency of the USA on the transfer of information regarding client accounts, which can be suspect that they can be the debtors the U.S. Treasury.

The law touching unsophisticated: adopted in the US and have performed all over the world. But if the Russian government (like most governments) have agreed with the Americans about a small upgrade of FATCA is to convey information not directly from the Bank, and in Russian tax service and on a reciprocal basis – that would be added to the budget! And not a penny from under a lantern, and billions from around the corner!

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