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Important success of Greece in Anti-Money Laundering and Combating the Financing of Terrorism

  • 21/6/2019-Press Release: The evaluation of the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) System of Greece, based on the revised Recommendation of the Financial Action Task Force (FATF), i.e. the intergovernmental body setting the relevant global standards, was completed with great success in Orlando. On 20/6, the FATF, under the US Presidency, adopted the evaluation report of Greece, according which our country becomes subject to a “regular follow-up” process, a regime that applies to a limited number of assessed countries worldwide. Based on the report, which will be released in six weeks, Greece is ranked among the countries with a high level of compliance with international AML/CFT standards.
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Publication of the National Money Laundering/Terrorist
Financing Risk Assessment Report (NRA)

The first Greek National Money Laundering/Terrorist Financing (ML/TF) Risk Assessment Report was published in the website of the Ministry of Finance, following its approval from the “Strategy Committee for combatting money laundering and terrorist financing and the financing of the proliferation of weapons of mass destruction”, in line with the provisions of article 8, par. 7(a)(cc) of Law 4557/2018.

Supervised institutions are required to examine this report in detail and take it into account in the context of their own ML/TF risk assessments, in accordance with the provisions of Article 35, par. 1 and 2 of Law 4557/2018, as well as par. 1.3 (i) (e) and chapter 4 regarding the Risk-Based Approach, of Banking and Credit Committee Decision 281/5/17.3.2009. Supervised institutions should focus, depending on their sector, on the sub-chapters of the report on threat assessment, and in particular the vulnerability assessment of the banking sector, life insurance sector and other financial institutions. Vulnerability assessments of these sectors were conducted by working groups consisted of examiners of the Bank of Greece's AML Section (lead) and representatives of the public and private sector and reflect the vulnerability of each financial sector as a combination of the inherent ML/TF risk of the products and services provided and the assessment of the general AML/CFT controls.

FATF Announcements on countries with strategic deficiencies
and countries subject to on-going monitoring


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