Banks to help create a national register of offshore firm owners

Greek banks and the state are in the process of creating a national register for offshore company owners, in compliance with a European Union directive to that effect.

The register will be created on the Teiresias databank, known from its list of insolvent borrowers. Access will be granted to the authorities combatting the laundering of money from illegal activities, and to tax authorities. Notably, any entity - wherever it may be based - that performs transactions through the Greek banking system will now need to have a Greek tax registration number.

To date, Greek authorities only have lists of offshore companies that own real estate properties in Greece.

This development follows the revelation of the so-called Panama Papers, which led several foreign governments to take measures to control offshore companies. In the context of the Spring Meeting of the...