31st December 2014

Preliminary deal between “Kobra” and CNB was made

After months of unsuccessful negotiations of Czech specialized tax anti-evasion combined police, ministerial and customs unit named “Kobra” made preliminary deal with the Czech National Bank that it would create the Central Account Registry that would be available to Kobra and that would include all accounts, names of their owners and other persons with rights to these accounts and banks where the accounts are held. This was made possible only after Kobra officials made certain concessions from their initial demands as they would not be able to see the account current balance and its transfer history as it would be against banking privacy policy. The central registry is going to be run by the CNB but it was agrees that it is to be financed by the Ministry of Finance. This registry would greatly help Kobra’s further investigations as this unit is already quite successful and has so far uncovered and investigated more than 6 major cases of tax fraud in the amount of approximately 1.7 bn CZK and works in close cooperation with its foreign partners.

For more click here and here.

Members of the American Chamber of Commerce in the Czech Republic