The government will soon enter into talks with Switzerland in hopes of obtaining information on Hungarians who have deposited assets there, he added.

The Economy Ministry estimates that Hungarians hold Ft 1 trillion in foreign bank accounts, including Switzerland, but other estimates are as high as Ft 1.5-2 trillion.

Lazar's announcement comes after a tax amnesty in which Ft 67 billion worth of assets were repatriated to Hungary by the end of November, Napi Gazdasag notes. Those assets were taxed at a 10% rate.

A working group formed by the Economy Ministry, the Foreign Ministry and the Prime Minister's Office will begin talks with Swiss authorities, Lazar said, adding that information from the secret services suggests that there are vast amounts of Hungarian deposits in Switzerland.

Hungary will start similar talks with Austria and Cyprus, the latter known as an offshore haven for companies, he added.

An expert speaking on condition of anonymity expressed doubts about the effectiveness of the measure, saying Switzerland would probably not share details of account holders unless there is a suspicion of money-laundering.

It is difficult if not impossible to identify money parked in foreign banks if it is linked to an offshore company, as is the often the case, he added.

Source: Hungary Around the Clock

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