Bank secrecy

Switzerland and the United States are the most secretive major financial centers in the world, according to a global ranking compiled by a group campaigning for more transparency, according to Reuters. 

Some 3,800,000 BGN have disappeared from the bank account of the Bulgarian footballer Martin Petrov. He has filed an alert to the Prosecutor's Office that money from his account in a Bulgarian bank was missing.

Switzerland has long been at the center of debates concerning black money stashed in its banks by foreign nationals who take advantage of the country’s strong banking secrecy policies.

The Bulgarian prosecutor's office has three months to decide what steps it will take in the money laundering probe against former deputy speaker of parliament Hristo Biserov.

The former deputy chairperson of the Movement for Rights and Freedoms (DPS) made use of his right and has asked for the probe into money laundering against him to be suspended or referred to court.

Parliament adopted its stance on a deal with Switzerland to make it harder for EU citizens to hide cash from the tax man in Swiss bank accounts, in a vote on Tuesday. Under the deal, the EU and Switzerland will automatically exchange information on the bank accounts of each other’s residents, starting in 2018.

The European Union and Switzerland signed a major accord on May 27 that will end banking secrecy for EU residents and prevent them from hiding undeclared income in Swiss banks, the European Commission said.

The agreement deals "another blow against tax evaders, and (represents) another leap towards fairer taxation in Europe," said Pierre Moscovici, the EU commissioner for tax issues.

The agreement signed Wedneday states that information regarding financial accounts will be automatically exchanged between the EU and Switzerland starting 2018.

This step has largely been considered a major breakthrough in the fight against money laundering and tax evasion, as rpeorted by Financial daily.

Turkey has faced problem taxing social media companies, said Finance Minister Mehmet ?im?ek. "We believe that social media companies must pay the taxes if they earn money here," he said at a G20 tax event in Istanbul on May 7. 

French newspaper Le Monde published details on a scandalous report revealing a tax evasion scheme in the Swiss branch of HSBC on Sunday.

Bulgaria is also said to have been a part of the illegal dealings with EUR 380,8 M and 74 bank customers.

Greece's Finance Minister Gikas Hardouvelis is expected to meet with his German counterpart Wolfgang Schaeuble on Wednesday on the sidelines of a tax evasion summit in Berlin.

Talks between the two are set to focus on the progress of Greece's adjustment program. The German finance minister has said that Greece will need a new aid program.