Everyone that has transferred over 100,000 abroad will become known

The government goes from theory to practice in the pursuit of capital which has been moved abroad in the last two years.

The Finance ministry had to wait for three months to implement a law passed last June, which provides for a complete abolition of banking and property confidentiality as concerns taxpayers.

By decision of Deputy Minister of Finance Pantelis Economou, banks are instructed to disclose details of those who moved money abroad in amounts exceeding 100,000.

With this decision, the Treasury will begin scrutinizing all funds over 100.000 traded abroad per legal or natural person per year.

The audit will be carried out retroactively, starting from 2009. Banks will provide information as to names, addresses and social security numbers, and cross-checks will take place in order to identify cases of tax fraud.

Credit and financial institutions, payment institutions and Greek post offices will submit data concerning:

- transfers, credit tranfers, direct debits, bank checks and the transfer of funds abroad.
- proceeds connected to these companies through credit cards