Sounds like money laundering regulation is all Greek to them

A recent press report quotes a deputy finance minister in the Greek government as saying that currently Greece complies with only 13 of the 49 recommendations of the FATF (Financial Action Task Force) in relation to anti-money laundering and counter terrorist financing measures.

The deputy minister's tone in saying, "Changes will also take place in the criminal code, where financing illegal and/or terrorist organizations will be considered criminal actions," suggests that, indeed, Greece has some way to go.

It is said that, if no new measures are taken, by February 2010 the country could be put on the FATF’s list of high risk countries.  Given that Greece is in the EU and within the Eurozone that would be something of an embarrassment.

“It is already clear that the prestige and reliability of our country abroad is under question, due to some political decisions of the previous government. Our failure with the fight against money laundering and the grey economy, is just one more reason to worry. I would like to take advantage of this opportunity and to assure you that the new government has a goal to bring back the trust of citizens in institutions,” said Greek deputy finance minister Filipos Sahinidis.

Closer to home, a recent FATF review of regulation in the UK noted that, whilst UK compliance was generally good, there is a deficiency insofar as, "It is not specifically required by law or regulation to verify that any person purporting to act on behalf of the customer is so authorised."  We may see such a requirement introduced into UK law at some stage.

David

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Group: Money laundering and crime
A group for discussing issues relating to suspected money laundering and other crime