Legislation

The cornerstone of the relevant framework in Greece is Law 3691/5 August 2008, which considerably strengthens AML/CFT mechanisms and transposes Directive 2005/60/EC of the European Parliament and the Council, as well as Commission Directive 2006/70/EC laying down implementing measures for Directive 2005/60/EC. The most significant amendmends that Law 3691/08 subsequently underwent were by virtue of Law 3875/2010 (regarding the criminilisation of the terrorist financing offence) and Law 3932/2011 (regarding the structure of the Greek Anti Money Laundering and Counter Terrorist Financing Authority and the procedures for freezing the assets of persons, groups or entities subject to targeted financial sanctions).