Some 7,000 people with secret savings accounts in foreign countries have declared a total of nearly €2bn to the tax authorities last year, ahead of the introduction of tougher fines on January 1, Nos tv reports.

Some €800m was reported in December alone.
Up until today, savers could ‘legalise’ their money by reporting it to the tax authorities and paying tax of some 30%. But now savers will have to pay a 15% fine on top of the back tax. People whose illicit savings are tracked down by officials now face a 300% fine.