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President of Portugal concerned over €10bn channelled to offshores

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Staff Writer | February 26, 2017
Portugal’s president, Marcelo Rebelo de Sousa, said that the transfers of €10 billion to tax havens without any investigation by the Portuguese tax authorities “is a situation that deserves to be looked into”.
Marcelo Rebelo de Sousa
Portugal   This situation deserves to be investigated
“Naturally, this situation deserves to be investigated because, if it is true, it could be a bit concerning”, Marcelo Rebelo de Sousa told reporters.

The president, who was speaking on the sidelines of the commemorations of the 192nd anniversary of the Porto Faculty of Medicine, added that it “is a lesson for the future, because in the future we have to avoid this kind of situation”.

Público newspaper wrote that almost €10 billion transferred out of the country between 2011 and 2014 to accounts in tax havens had not had any checks made by the tax authorities even though banks had told the authorities about the transfers, as they are obliged to under the law.