Cyprus tax authorities comb through suspect money transfers abroad

At the time right after the bail-in decision that affected the depositors of the main Cypriot banks, a highly charged debate started regarding who knew what and when, and which amounts of money went out of the country in an illegal and/or immoral way.

Although there have been names against which accusations have been raised, none has been found guilty of any misconduct. Not for any longer.

The head of the Inland Revenue Department Giorgos Poufos said that about a dozen individuals who transferred funds out of Cyprus on the eve of the Eurogroup’s haircut decision in March did not comply with their tax obligations.

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(Photo: Miroslav Sárička/