IMF Staff Country Reports

Greece: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

January 30, 2009

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Greece: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism, (USA: International Monetary Fund, 2009) accessed September 18, 2024

Summary

This report focuses on the observance of standards and codes on the Financial Action Task Force on Money Laundering (FATF) recommendations for antimoney laundering and combating the financing of terrorism (AML/CFT) in Greece. It reveals that Greece’s legal requirements in place to combat money laundering and terrorist financing are generally inadequate to meet FATF standards. There are some serious concerns about the effectiveness of the AML/CFT system in place. The preventive system that deals with customer identification is generally insufficient and not in line with international standards.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial institutions, Insurance companies, Legal support in revenue administration, Money laundering, Revenue administration, Terrorism financing

Keywords: AML law, AML law provisions, Anti-money laundering and combating the financing of terrorism (AML/CFT), CFT matter, CFT measure, CFT requirement, CFT supervision, CFT system, Competent authority, CR, Due diligence, FT offence, Insurance companies, ISCR, Law enforcement authorities, Law provisions, Law requirement, Legal support in revenue administration, Money laundering, Predicate offence, Supervision of insurance companies, Terrorism financing

Publication Details

  • Pages:

    33

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2009/031

  • Stock No:

    1GRCEA2009001

  • ISBN:

    9781451816310

  • ISSN:

    1934-7685