Apr 2024


THE INSIGHTS Issue #10 | “GREECE: An Introduction to White-Collar Crime”

An insightful overview of the latest legislative changes and pivotal decisions in white- collar Crime in Greece  in the latest edition of our newsletter, “The Insights” – Issue 10.


As authored by our Founder Petros Machas, Partner Alexandros Androutsopoulos and Associate Dimitrios Zanganas for Chamber’s White Collar Crime 2024 Global Practice Guide.


Greece: White Collar Crime – Overview

In 2023, Greece witnessed significant legislative changes and pivotal decisions in the realm of Criminal Law. This overview encapsulates the noteworthy developments in financial Criminal Law, shedding light on both legislative reforms and emerging trends in court proceedings.


European Public Prosecutor’s Office (EPPO) Implementation

Law 5026/2023 marked a crucial step towards aligning Greece’s legal framework with the EU Legislation concerning the European Public Prosecutor’s Office (EPPO), an EU institution, established to combat transnational financial crime impacting the EU budget. Through this legislative reform EPPO’s prosecution authorities are now enhanced. Under this law, European Delegated Prosecutors (EDPs) assume substantial powers previously held by investigating judges in cases within the EPPO’s jurisdiction. Notably, the EDPs issue writs of summons for hearings, streamlining the legal process for misdemeanors and felonies.


Supreme Court’s Ruling on Money Laundering

The Supreme Court’s recent ruling (Plenary Decision No. 1/2022) addressed the contentious issue of asset freezing by the President of the Anti-Money Laundering Authority. Despite debates surrounding the President’s authority during criminal investigations, the Court upheld their power to issue freezing orders. This decision underscores the parallel nature of anti-money laundering investigations with criminal proceedings, emphasizing the Authority’s role.


Conclusions and Future Directions

Law 5026/2023’s enactment was imperative to harmonize Greek law with EPPO standards, ensuring effective cross-border collaboration in combating financial crimes. However, concerns arise from the Supreme Court’s decision, which favors early asset freezing without the safeguards of main proceedings, potentially impacting individuals’ rights and business activities. Additionally, the rise in internal corporate investigations, often outsourced to specialized firms, signifies a positive shift towards enhancing compliance and transparency within Greek companies.


For a comprehensive understanding of these developments and their implications, read the full article. Explore the evolving landscape of financial Criminal Law in Greece and stay informed about emerging trends shaping the legal landscape.


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