Spanish government plans to monitor all bank accounts

The Spanish government is planning a gigantic financial surveillance programme in which it will collect data on all bank accounts. The announcement drew vocal fire from banks and customers.

Spanish authorities plan to follow the German style data archive El Pais reported. The move will impel all Spanish banks to supply details about every accounts of Spanish citizens and residents in an attempt by the government to crack down the money launder.

A hand full of security agencies in the country will only have the permission to access the information. Initial plans confirm all transfers exceeding 3,000 euros per month could be checked, while transactions surpassing 30,000 euros would come under the spotlight.

Authorities say the move is a key part of the fight against money laundering and terrorism. However, the move was not well received. AEB, the top Spanish bank association said the nature of confidential data has to be maintained, but it is willing to cooperate with the government. A Spanish Supreme Court judge stated that account information could only be accessed with a direct court order.

Spanish authorities already have a certain level of access to information through the Tax Fraud Bureau, but claim it is not enough. Official figures say Spanish citizens and residents hold around 34 million bank accounts.