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Source: European Parliament

A Greek Government bill[1] has been drawn up for immediate submission to the Greek Parliament seeking to limit to 18 months the period of time for which the proceeds of economic crime (accounts, movable and fixed assets, etc.) may be frozen as instructed by the Hellenic Authority for the Prevention of Money Laundering.

It has recently been reported[2] that implementation of the measure will result in the retroactive release of the proceeds of economic crime to a value of over EUR 1 billion, 80 % of which relates to tax evasion.

This has prompted a strongly-worded protest by the Hellenic Authority for the Prevention of Money Laundering, which fears that the proposed measure may prevent the State from recovering any of the proceeds of criminal activity, give favourable treatment to those guilty of more serious offences and undermine Greece’s international credibility[3].

In view of this:

Does the Commission consider that the proposal will undermine the effectiveness of measures designed to combat money laundering and, if so, in what ways?

What does it consider that the implications will be for recovery by the Greek State of the proceeds of economic crime, its ability to attract investment and the credit rating of its financial institutions? 

 

[1]  http://www.opengov.gr/ministryofjustice/?p=10885

[2]  https://tvxs.gr/news/ellada/i-kybernisi-epistrefei-se-oikonomikoys-egklimaties-1-dis-eyro-apo-kseplyma-xrimatos

[3]  http://www.opengov.gr/ministryofjustice/?p=10885

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