Cyprus authorities continuing Panama Papers investigations

By added on 02/11/2016

Cyprus’ Tax Department is scheduled to hold a meeting with the Lawyers’ Association on Thursday to discuss matters relating to the ‘Panama Papers,’ while a similar meeting with the Cyprus Securities and Exchange Commission (CySEC) is expected to take place next week, reports


Tax Registrar Assistant Sotiris Markides explained that both meetings’ purpose is to brief the Department about what other services and bodies, looking into the Panama Papers findings, are doing and “to see if there is a way or any evidence that will help the investigations underway,” reported CNA English.


Markides added that efforts to identify individuals are continuing.


“The Tax Department has identified more than 600 individuals and this number has already been announced during a meeting at the House of Representatives last month,” stated Makrides.


600 individuals were identified from the 1,050 whose names appeared in connection with different Cyprus-based companies which were mentioned within the Panama Papers.


“We are now examining whether these 600 individuals comply with their tax obligations, starting with the 50 individuals who are considered ‘high risk’,” added Makrides.


The Tax Registrar Assistant also stated that the aim “is to identify as many individuals as possible,” however admitting that “it is impossible to identify everyone included in the Panama Papers.”



Makrides called for caution in dealing with this issue in the media, “because it might tarnish Cyprus' reputation as a financial services centre.”