Key Documents

Greece Amends its Main AML/CTF Law

April 19, 2011

Greece Issues Regulations Addressing Administrative Fines for AML/CTF Violations

November 11, 2009

Greek Central Bank Publishes Regulations on Prevention of Money Laundering, Terrorist Financing

March 17, 2009

Greece Publishes AML/CTF Regulations for Investment Industry

April 8, 2009

Important Facts

The U.S. State Department labels Greece as a jurisdiction of primary concern. Official corruption, the presence of organized crime and a large informal economy make the country vulnerable to money laundering and terrorist financing. Greek law enforcement proceedings demonstrate that Greece is vulnerable to narcotics trafficking, human trafficking and illegal immigration, prostitution, cigarette smuggling, serious fraud or theft, illicit gaming activities and large-scale tax evasion. Evidence suggests that financial crimes have increased in recent years and criminal organizations, some with links to terrorist groups, are increasingly trying to use the Greek banking system to launder illicit proceeds. Historically, criminally-derived proceeds are most commonly invested in real estate, the lottery and the stock market. Criminal organizations from southeastern Europe, the Balkans, Georgia and Russia are responsible for a large percentage of the crime that generates illicit funds. The pervasive use of cash facilitates a gray economy and tax evasion, despite the government’s efforts to crack down on both trends. Due to the large informal economy, it is difficult to determine the value of goods smuggled into the country, including whether narcotic or other illicit proceeds fund any of the smuggled goods. There is increasing evidence that domestic terrorist groups are involved with drug trafficking.
KYC Covered Entities: Banks; credit companies, electronic money institutions, financial leasing and factoring companies; money exchanges and postal companies acting as intermediaries for funds transfers; stock brokers, investment services firms (including portfolio investment and venture capital), and collective and mutual funds; life insurance companies and insurance intermediaries; chartered accountants, auditors, and audit firms; tax consultants, tax experts, and related firms; real estate agents and companies; casinos and gambling enterprises (including internet casinos); auctioneers, dealers in high-value goods and pawnbrokers; notaries, lawyers, and trust and company service providers
STR Covered Entities: Banks; credit companies, electronic money institutions, financial leasing and factoring companies; money exchanges and postal companies acting as intermediaries for funds transfers; stock brokers, investment services firms (including portfolio investment and venture capital), and collective and mutual funds; life insurance companies and insurance intermediaries; chartered accountants, auditors, and audit firms; tax consultants, tax experts, and related firms; real estate agents and companies; casinos and gambling enterprises (including internet casinos); auctioneers, dealers in high-value goods and pawnbrokers; notaries, lawyers, and trust and company service providers
Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
Money Laundering Criminal Prosecutions/Convictions: Prosecutions: 328 (Jan. 1, 2015 – Nov. 11, 2015); Convictions: N/A

-Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical	Effectiveness
Compliant : 15	High : 0
Largely Compliant : 22	Substantial : 5
Partially Compliant : 3	Moderate : 6
Non-Compliant : 0	Low : 0

BASEL i

Rank : 12/110

Score : 3.67/10

TRANSPARENCY INTERNATIONAL i

Rank : 59/179

Score : 50/100

Tax Justice Network i

Rank : 103/133

Score : 51/100

Greece

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