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

International Monetary Fund

No 2009/031, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 33
Date: 2009-01-30
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