AML/CTF legislation country profile

ECBA Questionnaire filled in for Greece

a) Legislation

1. Definition of money laundering in the local legal system.

Legalisation of revenues from criminal activities (money laundering), in Greek legal system,  includes:

a) The conversion or transfer of property knowingly that such a property is derived from criminal activities or from an act of participation in criminal activities for the purpose of concealment or disguising its illegal origin or of assisting any person involved in the commission of such activity to evade the legal consequences of his actions.
b) The concealment or disguising of the truth (in any way) regarding the nature, origin, disposal, transfer or use of property in the location of this estate or its ownership or relevant rights on ownership, knowingly that this property derives from criminal activities or from act of participation in similar activities.
c) The acquisition, possession, administration or use of property knowingly at the time of the receipt or administration,that  the property derives from criminal activities of from participation in similar activities.
d) The utilisation of the financial sector by placing therein or moving through it revenues from crime, with the view to render these revenues legimtimate.
e) The creation of organisation or group of at least two persons for the commission of one or more acts aforementioned (elements a - d) and the participation in a similar organisation or team.

A money laundering occurs even where activities, which generated the property to be laundered took place in another State, provided that it would be a primary offence if they were committed in Greece and are punishable according to the law of such other country. ( Article 2 of the Law 3691/2008 )

2. Sanctions for money laundering offence.

a. Money laundering is punishable with up to ten years imprisonment and financial penalty starting from twenty thousand (20,000) euros to one million (1,000,000) euros.

 b. Money laundering is punishable with imprisonment (term from 5 to 20 years) and a financial penalty from thirty thousand (30,000) euros to one million five hundred thousand (1,500,000) euros, if he acted as an  employee of an obliged legal entity or that the primary offence is included in offences arising from elements c, d, and e of article 3 of the present, even if the imprisonment is anticipated for those offences is less than 5 years.

 c. Money laundering is punishable with imprisonment of at least ten years and a financial penalty from fifty thousand (50,000) euros to two million (2,000,000) euros, if he engages in these activities professionally or habitually or if he is recidivist or he has acted on behalf of or, to the benefit or within the context of criminal or territorial organisation or group.

 d. The employee of an obliged legal entity or, any other person liable to report suspicious transactions who intentionally fails to properly report suspicious or unusual transactions or activities or produces false or misleading evidence, in contravention to the relevant statutory, administrative or regulatory provisions and rules, is punished with up to two years imprisonment, provided that, for his action, no more rigorous punishment emanates from other provisions.

 e. The criminal responsibility for the primary offence does not exclude the punishment of the offenders (principal offender and participants) for the offences referred to in a, b and c of this paragraph, if the circumstances of the money laundering acts differ from those of the primary offence.

 f. If the anticipated punishment for the primary offense is imprisonment up to 5 years, the offender shall be  punished, for the money laundering offence with, at least, one year imprisonment and financial penalty from ten thousand (10,000) euros to five hundred thousand (500,000) euros. The same sanction shall apply to any money laundering perpetrator who is not an accomplice in the primary offence provided that he is a lineal relative of the perpetrator of the primary offence byblood  affinity, or collateral relative to the second degree, or a spouse, adoptive parent or adopted child thereof. (Article 45 of The Law 3691/2008)

3. (Legal) professions especially affected by local AML/CTF legislation.

Liable entities, subject to obligations arising from the present law, are considered amongst others: notaries and attorneys at law, when they participate, acting on behalf of their clients in the framework of credit transactions or transactions upon estate or, helping with the planning or the implementation of transactions for their clients regarding:

4. Specific regulations imposed upon attorneys at law.

The grant of legal advice continues to be subject to reservation of professional secrecy, unless if the notary or the attorney at law himself, participates in activities regarding money laundering or financing of terrorism or, if legal advice is provided aiming the commitment of those malfeasances or, if he is cognizant of the fact that his client is asking for legal advice in order to commit the aforementioned malfeasances.

b) Bar Association

1. Directives – formulated by the Bar Association – guiding the interpretation of the legislation and the force of these directives (binding, guideline,…).

I am not aware of that. For more accuracy, please address the Bar Association on that issue.

2. Causes for discussion at the implementation stage of the European Directive in local legislation especially in relation to a possible conflict between this legislation and your professional code of ethics?

Yes, a major public dialogue was opened upon that issue.

3. Any action taken by the local Bar Association against the way in which the European directive was implemented in local legislation?

I am not aware of that.

4. Other bodies that have undertaken any form of action to safeguard the rights of their members in this respect.

I do not know.

c) Legal practice

1. Particularities that foreign attorneys at law in contact with the local legal system should be aware of / recommendations to be taken into consideration?

According to the law, measures of due diligence, in order to avoid cases of money laundering, should be respected by anyone on these cases:

1. a) when they conclude enterprising relations, b) when they enter into occasional dealings rising to the amount of, at least, fifteen thousand (15,000) euros, independently of whether the transaction is conducted with one act or more, among which it appears to be a relation.
2. when there is suspicion for attempt or commission of malfeasances.
3. when there are doubts on the accuracy, totality or suitability of elements formerly gathered for the verification and confirmation of the identity of client, of other entity on behalf of whom the client acts, and of the beneficial owner or the beneficial owners of the client.

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The ECBA maintains this website to provide and disseminate information on criminal procedure in the EU with regard to national money laundering legislation as it applies to attorneys at law. The content of the website relies on contacts in each jurisdiction and although our aim is to keep this information accurate, the ECBA does not warrant or assume any legal liability or responsibility for the accuracy, completeness, or reliability of the content. This information does not constitute legal advice. If errors are brought to our attention, we will try to correct them.
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Latest Updated (Tuesday, 18 January 2011)