Greece’s Financial Crime Units unveil large-scale tax evasion among account holders in banks abroad

Posted by in Economy

Where there is a political will, there is a way… According to Greek media reports, the intensive crosschecks in bank accounts abroad and tax declarations in Greece have prompted the Financial Crime Units (SDOE) to call on at least 1,400 people to justify the money they have transferred outside the country.

The scandal about the lost and finally found Lagarde list have forced the economic inspectors to take under the magnifying glass all the 2,062 names of account holders at the HSBC Geneva branch.

Daily Kathimerini reports that the SDOE investigation showed that a large number of the  2,062 Greeks figuring on the list are unable to justify their deposits as legally earned income. The amount of suspected tax evasion is expected to reach dozens of millions of euros while a number of those holding deposits are expected to face charges once the SDOE probe is concluded.

At the same time, double checks on a list with the name of 54,000 Greeks who transferred money abroad during the crisis years 2009-2011 have shown that in 1,400 cases there is quite some gap between the amounts transferred and the tax declarations. According to private ANT1 TV, the economic inspectors double checked money transfers about 100,000 euro and the investigation results show that 7 billion euro cannot be justified.

The tax evaders will be called to pay a fine of unknown height.

The point is however that the Finance Ministry will indeed collect these fines and do not let those large-scale tax evaders go around free and careless. Otherwise, the whole tax evasion combat issue is just smoke in the eyes of the honest Greek taxpayer who cannot hide even a cent.