• Tax officials probe big bank loans to overcome evasion

    Major lender loans for home buys have become a fresh objective in the fight against tax evasion, as regulators are petitioning banks to furnish data on loans that have been given to persons or businesses whose financial ability might not warrant the dimensions of the loan.

    Where loans for the buy of a specialist property or a house have been effectively employed for the legitimization of unlawful funds or for laundering money from tax evasion the target of tax authorities is to recognize cases.

    Tax inspections have already exposed hundreds of instances where loans have been employed as a medium through which cash acquired through illegal activities has been legitimized, why regulators are turning their attention to this kind of credit purchase which is. Importance may initially be added to loans of over 500,000 dollars.

    According to resources, banks are running 10 instances more demands a evening than they were 3 years ago, dealing with the part of tax inspectors. In addition they state that banks receive a large number of requests each day to start account information that may date as far as ten years back. Such needs come not just from the Financial Crimes Squad (SDOE) but also from the Bank of Greece, anti-money-laundering regulators, fiscal prosecutors and a variety of companies which have joined the fight tax evasion.

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    Simultaneously banks are also receiving requests from citizens who desire certificates and documents identifying their revenues from curiosity on deposits from previous years, gains from stock purchases, bond revenues and the verification of banking purchases to warrant the span of their cash from as

    soon as 2,000. As far as funds trip is concerned, SDOE has performed the task of tracing some 22 billion pounds that was funneled abroad between 2009 and 2012 by 54, 000 account holders.

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    SDOE's efforts have to date found some 24,000 instances of cash being sent abroad that merit further inspection, with the accounts cases being summoned to explain why their stated incomes don't warrant the size of their deposits. Financial Ministry sources disclose, nevertheless, that tracking down the illegal cash that left the country in 2009 - 2012 is no mean task, as depositors often provide vague answers for their wealth, for instance that generous wedding gifts had been received very by them.

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    Meanwhile, regulators are additionally concentrating on an institutional framework stimulated by the Bank of Portugal that permits them to monitor the activity of bank balances held by persons grouped to be large or medium risk.

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