Administrative costs of the proposal will outweigh its benefits, the Seimas speaker believes.
“Once such information is gathered, it has to be processed; once it is processed, it has to be evaluated. If it finally just lands in the drawers of the VMI, then there are only costs and no benefits. Administrative costs, I believe, would be much higher than benefits,” the politician told Žinių Radijas.
Graužinienė also said that people would not deposit their money in the banks, if they knew that their account details would be accessible to the government, and conducted more deals in cash.
“People will remove their money from the banks, because they will not want to go to the VMI to explain how and why they have that money. Criminal activities might increase as well,” the politician said.
Graužinienė said there were other, more efficient, ways of fighting the black market.
The Finance Ministry suggests making people’s bank accounts accessible to the VMI. If the Government endorses the proposal, all commercial banks will be automatically providing data to the VMI about residents who have more than EUR 5,000 in their accounts by the end of the year.
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