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Cypriot Customs Seize €500,000 Headed to Greece

Authorities in Nicosia, Cyprus confiscated money from a Greek businessman en route back to Athens, totaling €500,000.00.

The man contained the euros in his suitcase in 200 and 500 bills. The funds were seized after he claimed that Cypriot banks had declined to deposit them, due to an absence of customs declaration and source documentation. Cypriot Customs and Excise Department Acting Director Demetris Hadjicostis described, "The amount was found in the person's possession as he was leaving Cyprus on Monday afternoon," according to Reuters.

Hadjicostis stated that legally the import and export of currency amounting over 10,000 euros has to be declared to customs, however he refused to offer additional comments due to the continuing investigation. There has been an increased efflux of deposits leaving Greece, as investors worry about an impasse between Syriza and the nation's global creditors.

(Source: Customs Today)