President ‘concerned’ about €10 Bn fleeing to tax havens

Portugal’s president, Marcelo Rebelo de Sousa, said on Wednesday that the transfers of 10 billion euros to tax havens without any investigation by the Portuguese tax authorities “is a situation that deserves to be looked into”.

“Naturally, this situation deserves to be investigated because, if it is true, it could be a bit concerning”, Marcelo Rebelo de Sousa told reporters.

Naturally, this situation deserves to be investigated because, if it is true, it could be a bit concerning.

The president, who was speaking on the sidelines if 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 on Wednesday that almost 10 billion euros 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.