Friday, January 1, 2010

Taking Corrupt Money out of Swiss Banks: Italians Raise 95 billion euros

Via the BBC:
Italy has raised 95bn euros (£86bn;$137bn) from a tax amnesty, much more than the government had expected. According to the country's finance ministry, 98% of the illegally-held overseas money has been repatriated. ... the ministry said "the time of tax havens has finished forever. To place or keep money in tax havens is no longer convenient, neither in economic nor in tax terms. The returns are small, the risk is high."

The amnesty has now been extended until the end of April. The move provided a boost for Italy's banking industry - with the money flowing into small and medium size banks.
The government will get a 5bn euro windfall from the amnesty.

Why doesn't every third world country do this? Imagine how many billions would flow out of Switzerland into poor countries! This would facilitate economic activity and help improve the lives of millions.