Is Greece becoming a "dirty money laundry"

[[MC]Ronin[MC]]

Is Greece becoming a "dirty money laundry"

A criminal case in the country usually takes five years to get from pre-trial to court

The Greek government of Kiriakos Mitsotakis has put in parliament a measure that seems to give Greece backs from strict implementation of international standards in the fight against corruption and money laundering, the Financial Times reports.

An amendment to the country's penal code, adopted late Wednesday evening, provides for suspects of fraud and money laundering to have their assets seized by court if they are not brought to justice within 18 months.

In Greece, it usually takes five years for a criminal case to reach pre-trial investigation, according to members of the Athens Bar Association. The appeal can take as much.

The amendment, which is part of the accepted amendments to the Greek Penal Code, contradicts international anti-money laundering practices adopted by Greece, the Financial Times said.

According to the Financial Action Task Force (FATF), an intergovernmental organization for combating money laundering and terrorist financing, and the Council of Europe Group of States against Corruption (GRECO), cash and property seized during the criminal investigation should remain frozen until all legal procedures have been completed.

Justice Minister Costas Ciaras tabled an amendment on Wednesday morning, minutes before the last debate on the bill began, without providing legal justification for why Greece is breaking down its current practice.

According to the Financial Times, among those who will benefit from the measure are a dozen shipowners, big businessmen and former bankers investigated for fraud and money laundering. Their assets were seized two to seven years ago and so far none of them has been brought to justice.

Minister of State Giorgos Gerapetritis said on Thursday that the measure was adopted to align Greek law with the European Convention on Human Rights and the EU Charter of Fundamental Rights, because currently every Greek citizen can be deprived of his property indefinitely only with the decision of one prosecutor.

Greek lawyers, however, have expressed before the issue that the vote on the change poses reputational risks to Greece and creates a risk that the country will move down in the international business conditions indices.

 

According to the amendment, special committees will be set up that will look at nearly 900 cases over the next three months to decide which of them is justified in extending the jail for another 18 months.