The Recent Legislation to Combat Money Laundering in Greece

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Monday, April 1, 1996
Author: 
Konstantinos D. Magliveras
Volume: 
12
Issue: 
4
126
Abstract: 
Greece was the last Member State of the European Community to implement comprehensive legislation in the area of money laundering. Although a legislative framework had existed since 1993, when the Governor of the Greek Central Bank issued Decree No. 2181/1993 and Articles 5 and 6 of Act 2145/1993 dealing with the legitimization of proceeds from illicit activities were adopted, this regime was criticized as being ineffective and was found wanting. Draft legislation to improve this situation was introduced in the Greek Parliament in late 1994 and, after suffering considerable procedural delays, it was promulgated as Act 2331/1995 on August 23, 1995 replacing the previous legislative regime...(more)