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The Smell of Money?

Europa Trust Company Ltd
22 August, 2016

In April 2016 the finance ministry in Greece advertised vacancies for dogs to try to help the country find money hidden by people not using Greek Banks. Europa Trust Company Ltd reports on this unusual recruitment drive.

Over 50 billion Euros left Greek banks between November 2014 to July 2015 on fears the country could crash out of the Euro. The crisis culminated in strict capital controls being put in place.

Just over a year later a Greek government website stated that the Finance Ministry would be forming a committee to put together a team of four specially trained dogs that will be trained to detect money. 

The plan for the recruited dogs is to "sniff out" money of people potentially hiding it or trying to take cash out of the country. Banking sources estimate that anything between 15 and 20 billion Euros is still being hoarded in mattresses and personal home safes by Greeks. However, at the time of the recruitment Government post it was not stated whether the dogs will be used at airports, private residences or so-called hideouts.

The scheme to have four dogs trying to track down money is likely to have little, if any impact. Previous attempts to control cash flow in the country have equally been unusual. The former Greek finance minister, Yanis Varoufakis, announced plans to equip housewives, students and tourists with cameras and recorders to trap so-called “tax dodgers”.

Did you enjoy our report on the unusual recruitment drive for Greek dogs? Do you know any other strange related stories? Please let us know at communications@europa.gi and your story could be included in a future newsletter.


Working with Europa Trust  Company Ltd

Europa Trust Company Ltd is part of the Europa Group. We have been based in Gibraltar for 30 years and have built a reputation as a stable and reputable business.

We provide a comprehensive range of company and trust formation and management services including company and trust administration, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services. 

Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus.

Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Trust Company Ltd professional. Europa Trust Company Ltd is able to work in over 31 jurisdictions around the World.

We are licensed and regulated by the Financial Services Commission and ISO 27001 (Information Security Management Systems) and ISO 9001 (Quality Management Systems) certified.

Contact us today to find out how we can help you.



About the Author


Europa Trust Company Ltd

At Europa, we provide bespoke company and fiduciary services to individuals, families, businesses and intermediaries at competitive professional rates. We can deliver and manage on a daily basis simple or complex corporate and trust structures in virtually any jurisdiction. Our extensive expertise and understanding of each structure's individual requirements is matched by a wide range of supporting services. www.europa.gi

 

 

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