Greek Government Bank Pleads Guilty to Money Laundering

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Wednesday, January 23, 1991
Author: 
Bruce Zagaris
Volume: 
7
Issue: 
1
1-2
Abstract: 
A lengthy investigation into money laundering charges has resulted in a plea of guility on November 4, 1990, by the Mortgage Bank of Greece. Its chairman, Apostolos Georgidis, who was not involved in the offenses, through a translator, enter the guility plea to 26 counts of money laundering and agreed to pay an $8 million fine. The indictments charged that the bank had been assisting Greek-Americans since 1983 to evade federal income taxes and the requirement to file currency transactions reporting forms (e.g., IRS Form 4789) by moving money out of the United States and into secret accounts in Greece. The Government also charged them with defrauding the IRS in collecting information, causing domestic financial institutions to fail to file CTRs, and structuring, aiding and abetting in the structuring of evasion of the currency reporting requirements.