Italian financial police is sending letters to Swiss banks. An ominous sign of a new campaign to recover assets?
Guardia di Finanza, a financial police authority in neighboring Italy, has sent a survey to a number of Swiss banks some weeks ago, according to a report by «Bloomberg». The authority wants to know more about the business that these banks entertain in Italy, in particular which type of business, how money is being administered and who the banks employ in the country.
Swiss Response
The Swiss Bankers Association was notified by the banks addressed by Italian police and is advising its members on how to react appropriately, having also consulted Swiss authorities. The Italians have sent similar letters to banks in Liechtenstein and Monaco.
The letter contains a deadline, by which the answer should be forthcoming and lawyers therefore believe that Italy will attempt to steadily increase pressure on the companies or even pass on the data provided to prosecutors.
Notoriously Indebted Italy
Still, the true intent behind the letters remains unclear. Italy received 20 billion euros ($22.6 billion) through a tax amnesty launched in 2017. In 2015, the country signed a tax deal with Switzerland that included the automatic exchange of information, which began in 2018.
Of course, Italy remains heavily indebted and signs have been that citizens, concerned about a possible Italian departure from the European Union, are moving assets back to Switzerland.
