May 122014
 
 May 12, 2014  Non-U.S., Surveillance

The Local reports:

Spain plans to set up a German-style archive of data on the financial activity of Spaniards and residents in Spain, national daily El País reported on Sunday.

The move will see banks having to supply details of all the personal and business current accounts, savings accounts and fixed-term accounts they hold to the Secretary of State for the Economy.

Groups including the Tax Office, the military, the General Council of the Judiciary and the secret services will then be able to access that information.

Transactions over €1,000 ($1,370) will be flagged if suspicious, while all transactions over €30,000 can be checked. Transfers of over €3,000 a month will also come under the spotlight, according to the new rules.

Read more on The Local (ES).

That’s a pretty low threshold for “suspicious,” isn’t it?

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