Facing international criticism over its anti-money laundering efforts, Greece has disbanded its financial intelligence unit and replaced it with a committee in the government's finance ministry, the Financial Times reported Thursday. Greece's finance minister, George Alogoskoufis, told parliament that the unit had failed to produce any significant results in the past two years, according to the report. The president of the committee that will replace the financial intelligence unit (FIU) will be selected by a judicial council from a pool of sitting prosecutors, the report said. Responding to criticism, George Zorbas, the head of Greece's FIU, said that government officials...
Prosecutors are seeking nearly $300 million in penalties, charging that the two foreign-based banks helped to launder the proceeds of a massive securities fraud involving shares of software maker AremisSoft.
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