France Budget Minister Bernard Cazeneuve said today that 11,000 people had come forward to regularise funds hidden abroad, which could bring in 1.4 billion US dollars in extra revenue.French are coming forward to declare funds as Switzerland has curtailed its vaunted banking secrecy under international pressure and has pushed clients to report their accounts.In June, Cazeneuve issued rules which offered lower penalties for French who came forward and reported hiddenaccounts, although it does not amount to an amnesty.Cazaneuve told lawmakers today that 11,000 people had applied to take advantage of the offer and this represents potential revenue of more than one billion euros for the French state.
News On AIR | January 16, 2014 9:09 AM
France to get US 1.4bn extra revenue as citizens reveal cash stash abroad