Government to create database for monitoring all Spanish bank accounts
Tuesday, May 13, 2014 @ 9:12 PM
The government is creating a massive database to monitor the banking activities of everyone living in Spain, with the goal of fighting money laundering and funding for terrorist activities.
Judges, prosecutors, police officers, intelligence agents and the Tax Agency will have access to the 34 million bank accounts, assets and deposit accounts included in this database.
This is the first time that the financial activities of all Spaniards and residents have become the targets of such a program. France and Germany are the only other European countries to have adopted the system.
The new rules come on the back of recommendations from the Financial Action Task Force, an international association to which Spain belongs, along with 35 other countries.
Under the new rules, banks will have the legal obligation to provide information about all their checking and savings accounts, financial assets and deposits, including the names of the account holders.
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