Lagarde list: Very slow pace in the investigation of the major depositors

The tax audits of the Financial Crime Unit (SDOE) for the major depositors in the Lagarde list are moving very slowly as so far not one single fine has been imposed although the data are available to the Financial Crime for 15 months. Same picture prevails in the other lists (54 remittances abroad, properties in London, etc.).

According to SDOE chief Stelios Stassinopoulos who spoke in parliament, from the 2,061 accounts in the list approximately 1,700 individuals and legal entities have been identified. 919 of them show zero amounts while 205 seem to cover their deposits from their tax returns. These cases will be tested in a second phase. For the remaining approximately 550 cases, 266 audit commands have been given from which only 155 are at an advanced stage with Stassinopoulos’ appreciating that “soon, maybe within the month, we will complete some audits."

The SDOE chief appeared pessimistic about the collection speed. "We face many problems. We verify the applicant for 10 years and ask him to answer within 10 days. If we do not wait for the answers we will not be able to have safe conclusions. The revenues the state is expecting from these lists are not directly receivable as there are appeals."

Regarding the remaining lists he said that "the case with the remittances of 54,000 taxpayers that were sent abroad in 2008-2011 is controlled by the GSIS." For the Luxembourg list he said it includes 17 cases and is investigated under a similar methodology to that of the Lagarde list while on the Liechtenstein list he said it has been put on record since 2011.

Stassinopoulos explained that with the Lagarde list "it was the first time that SDOE had so many audits and opening of accounts for only one case. As we gathered all the information we proceeded to identify each depositor which lasted almost six months. SDOE had no experience of opening bank accounts and until recently this was not allowed. From here on out we will be investigating for fraud, corruption, European programs, etc."