According to reports in the Portuguese media on Wednesday, the country's authorities have begun investigating allegations of tax evasion and money laundering by some of the country’s largest banks.
Jornal de Negocios Online revealed that the investigation, which relates to tax avoidance amounting to "many millions" of euros, was ordered by the government. The public prosecutor's office has subsequently organised a number of searches at financial institutions across the country.
The prosecutor's office is also set carry out around 100 raids on the homes and offices of bank executives and lawyers connected to the banks, according to the report.
In a statement, Banco Comercial Portugues, Portugal's biggest bank, said that it intends to cooperate fully with the authorities during the course of the investigation.
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