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Greece loses fight against "dirty money"

17 November 2009 / 10:11:37  GRReporter
2755 reads

Victoria Mindova

Greece has fulfilled only 13 out of the 49 recommendations by the Financial Actions Task Force (FATF). If no immediate measures are taken, in February 2010 the country will enter FATF’s lists of high risk countries. This was announced by the deputy minister of finances Filipos Sahinidis during a conference called “Money laundering fight: legal framework, practical actions, international experience”. The conference was organized by the Greek-American Trade Chamber. FATF is an international institution, which develops and popularizes policies against money laundering and financing local and international terrorism.

The deputy minister stressed that one of the main tasks of his government is to modernize and improve the Commission for fight against money laundering and financing terrorism. The Commission will remain under the supervision of the Ministry of Finances but its structure will be changed. The technical-informational system will be updated and new qualified financial and technical analyzers will be appointed. Changes will also take place in the criminal code, where financing illegal and/or terrorist organizations will be considered criminal actions. The ones accused of financial violations will be taken to court under the strictest conditions. It is also expected that the regime will be tightened for the activity of off-shore companies.

“It is already clear that the prestige and reliability of our country abroad is under question, due to some political decisions of the previous government. Our failure with the fight against money laundering and the grey economy, is just one more reason to worry. I would like to take advantage of this opportunity and to assure you that the new government has a goal to bring back the trust of citizens in institutions,” also said Filipos Sahinidis. 

Tags: Money laundering Greek economy offshore companies
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