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

Author: International Monetary Fund

Volume/Issue: Volume 2009 Issue 031

Publication date: January 2009

ISBN: 9781451816310

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Public Finance , ISCR , CR , AML law , CFT measure , CFT supervision , CFT system , CFT requirement , CFT matter , predicate offence , competent authority , due diligence , FT offence , AML law provisions , law enforcement authorities , law requirement , Law provisions , supervision of insurance companies , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Terrorism financing , Money laundering , Legal support in revenue administration , Insurance companies

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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.