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

Publication Date:

January 30, 2009

Electronic Access:

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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.

Series:

Country Report No. 2009/031

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