Social Democrats promise anti-money laundering legislation

17-07-2009

The Social Democratic Party has promised to introduce anti-money laundering legislation if the party wins the October elections and heads the next government. The party’s economic expert Bohuslav Sobotka told the Reuters news agency the bill would affect those with property worth 10 million crowns or more, or two million crowns in other assets. Under the law, those who were unable to explain the origin of funds used to buy property could be taxed 76 percent. The financial daily Hospodářské noviny has pointed out the tax would be the highest in Czech history. Anyone found guilty of committing a criminal offence in obtaining property, meanwhile, would lose it outright.