Greek Businessman Anonymous: he allegedly stuffed €500,000 in cash in his luggage and flew to Cyprus to deposit the money in local banks. However the banks refused to accept the money as he had no documents to prove where the money came from or if it was declared to the tax authorities. The money was confiscated by Cypriot customs when the GBA claimed the banks there had refused to deposit and that he had brought the money from Greece. In addition to the confiscation an investigation is under way.
One may, of course, wonder in first case, how the GBA managed to get the luggage full with €200 and €500 bank notes out of Greece.
“Authorities in Cyprus have confiscated €500,000 from a Greek businessman who tried to fly home with the cash after banks on the island refused to let him deposit it.
State radio reported the businessman had arrived in Cyprus from Greece, carrying the money in his luggage in bills of €200 and €500.
It was confiscated when he attempted to take it back to Athens. Authorities were investigating his assertion that Cypriot banks had refused to accept the cash because he had no documents to show where it came from or prove it had been declared to customs.
“The amount was found in the person’s possession as he was leaving Cyprus on Monday afternoon,” said Demetris Hadjicostis, acting director of Cyprus’s customs and excise department.
By law the import and export of currency exceeding 10,000 euros must be declared to customs, Hadjicostis told Reuters.
Large amounts of bank deposits have been allegedly flown out of Greece during the last two months, after the acceleration of Presidential elections beginning of December 2014. Now the Finance Ministry wants to take a close look at the recent money transfers abroad and check whether the money was taxed. Greek media report that the Finance Ministry estimates some 2 billion euros in revenues from untaxed money transfers.
Financial Crimes Units (SDOE) will give control priority to private persons and legal entities that have transferred abroad more than €1,000,000.
Alternate Finance Minister Nantia Valavani has reportedly also ordered investigation of bank accounts with big amount of money that cannot be justified by the tax declarations of the account holders.
Greece’s new coalition government have repeatedly said to combat tax evasion and put through the wringer the real wealthy Greeks who have been apparently avoiding paying taxes.
There have been claims that some 14 billion euros have left the Greek banks from 9. December 2014 until 23. January 2015. However these figures are not official.