Spanish government boosts coffers after going after Swiss bank accounts

Spain has boosted its strained coffers by ¤260 million after collecting unpaid taxes on previously undeclared income derived from Spanish-held Swiss bank accounts in an operation Secretary of State for Finance Carlos Ocaña described on Tuesday as the biggest of this nature.

The case stems from a probe launched earlier this year by Spain and other European countries into undisclosed bank accounts held with HSBC in Switzerland, following the seizure of stolen documents from a disgruntled former employee of the banking giant.

The tax office received a list of 659 Spanish clients of HSBC in Switzerland whose 3,000 bank accounts have estimated deposits of some ¤6 billion.

After writing to those identified and "inviting" them to put their affairs with the tax office in order had little impact, the authorities began an investigation of those implicated, which resulted in tax being paid by 300 account holders. Ocaña said he expects that sum to increase as the probe continues.