Greece CHAPTER 21. Marios Bahas, Senior Partner Christos Gramatidis, Associate INTRODUCTION LEGAL FRAMEWORK. Bahas Gramatidis & Partners, Athens

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1 CHAPTER 21 Greee Marios Bahas, Senior Partner Christos Gramatidis, Assoiate Bahas Gramatidis & Partners, Athens Introdution 21.1 Legal framework 21.2 Meaning of money laundering 21.4 Santions 21.6 Requirement to report suspiious transations Speifi obligations of banks Anti-Money Laundering, Counter-Terrorist Finaning and Soure of Funds Investigation Authority Freezing of bank aounts and prohibition of sale of real property INTRODUCTION 21.1 Greee has implemented anti-money laundering legislation based on European Community law obligations. Greee has also ratified International Conventions relating to money laundering. LEGAL FRAMEWORK 21.2 The first effort towards the harmonisation of Greek law with European

2 Community Law, and more partiularly with the First Money Laundering Diretive, was the introdution of Art 394A 1 in the Criminal Code. This was superseded by Law 2331/1995 Prevention and suppression of the legalisation of proeeds from riminal ativities and other riminal provisions, whih repealed Art 396A and whih was amended and supplemented by Laws 2479/1997, 2515/1997, 2656/1998, 2803/2000, 2928/2001, 3028/2002, 3064/2002, 3424/ Law 2331/1995 was replaed in its entirety by the Money Laundering Law (Law 3691/2008). Reently the Money Laundering Law was amended by Law 3932/2011, Law 4042/2012 and Law 4099/2012. MEANING OF MONEY LAUNDERING 21.4 The Money Laundering Law follows the model of listing the prediate offenes whih an form the basis of a money laundering offene. 2 Speifially, Art 3 of the Money Laundering Law speifies that the legalisation of proeeds is punishable, when suh proeeds are derived from the following riminal ativities (rimes and offenes): riminal organisation (Criminal Code, Art 187); terrorist ativities (Criminal Code, Art 187A); terrorist finaning (Criminal Code, Art 187A); passive bribery (Criminal Code, Art 235); ative bribery (Criminal Code, Art 236); bribery of a judge (Criminal Code, Art 237); 1 The immediately preeding Art 394 refers to the offene of aepting proeeds of rime, and, inter alia, sets forth the following: 1. Any one who intentionally oneals, buys, aepts in pledge or otherwise takes in his/her possession an item deriving from a riminal offene, or transfers to another person the possession of suh an item ( ), shall be sentened to prison, irrespetive of whether the ulprit of the offene from whih the item was derived is punishable or not ( ) 3. The term items derived from a riminal offene shall be deemed to inlude the prie thereof, as well as any objets aquired through suh items. 2 The same model is followed, among others, by Germany, Spain and Canada. On the ontrary, Frane, Belgium, Sweden, Austria and the United States do not speify, onsidering instead that money laundering an follow after any rime.

3 traffiking in human beings (Criminal Code, Art 323A); omputer fraud (Criminal Code, Art 386A); soliitation to prostitution (Criminal Code, Art 351); aquisition, sale, disposal, transport, trade in, import, export, manufature, ultivation, possession of naroti substanes, or organisation and preparation to engage in these ats (Law 3459/2006, arts 20, 21, 22 and 23); import, export, possession, manufature, assembly, prourement, transport, onealment, use of firearms or ammunition or explosive materials et (Law 2168/1993, arts 15 and 17); theft, embezzlement, aeptane, disposal of arhaeologial and ultural monuments and works of art, illegal exavation or arhaeologial exploration, illegal export of ultural assets (Law 3028/2008, arts 53, 54, 55, 61 and 63); release of radioative substanes (Law 181/1974, art 8); failitation of the illegal entry and stay of foreign nationals, illegal possession and use of travel douments (Law 3386/2005, art 87); fraud against the finanial interests of the European Union, preparation and issue of false douments (Law 2803/2000, arts 3, 4 and 6); bribery of foreign publi offiials (Law 2658/1998, art 2); orruption of EU offiials or offiials of EU Member States (Law 2802/2000, arts 1, 3 and 4); abuse and manipulation of the market (Law 3340/2005, arts 29 and 30); tax evasion (Law 2523/1997, arts 17-19) smuggling (Law 2360/2001, arts ) polluting or other rimes against the natural environment that aused danger to the life or welfare of humans (Law 1650/1986, art 28 para 3) all other riminal ats whih are punishable by imprisonment of a minimum term of more than six months, when the perpetration of suh an at produed illegal proeeds The following ondut when engaged in intentionally, in relation to proeeds derived from the above riminal ativities (Money Laundering Law, Art 2), onstitutes a money laundering offene. (a) the onversion or transfer of property, knowing that suh property is derived from riminal ativity or from partiipation in riminal ativity,

4 where this is done for the purpose of onealing or disguising the illiit origin of the property or of assisting any person involved in the arrying on of suh ativity to evade the legal onsequenes of his ations; (b) onealing or disguising in any way the truth in relation to disposition, movement, use or the plae where the property was aquired or presently is, or the ownership of the property or rights with respet to it, knowing that suh property is derived from riminal ativity or from an at of partiipation in suh ativity; () the aquisition, possession, administration or use of property, knowing, at the time of reeipt or administration, that suh property was derived from riminal ativity or from an at of partiipation in suh ativity; (d) the utilisation of the finanial setor by plaing in it or moving through it proeeds from riminal ativities for the purpose of lending false legitimay to suh proeeds; (e) the setting up of an organisation or group omprising at least two persons, for the purpose of ommitting one or more of the ats defined in (a) to (d) above and the partiipation in suh an organisation or group. SANCTIONS 21.6 Under Art 45 of the Money Laundering Law, persons who have ommitted money laundering may be punished by a term of imprisonment of up to ten years and, or by a fine of between 20,000 and 1,000,000. Higher penalties are, however, available to the Greek Courts in ertain ases. A term of imprisonment of at least 10 years and a fine of between 50,000 and 2,000,000 will be imposed where a person has ommitted an offene in the ourse of ativities arried on professionally, on a habitual basis, where the person is reoffending or where the person has ated on behalf of, for the benefit of, or as a member of a riminal or terrorist organisation or group Under Art 46 of the Money Laundering Law upon a onvition for a money laundering offene, assets derived from riminal offenes or aquired diretly or indiretly out of the proeeds of suh offenes, or the means that were used or were going to be used for the ommission of suh offenes, are seized. If there is no legal reason for returning them to their owner, the seized assets are ompulsorily onfisated by virtue of the ourt s sentene. Confisation is imposed even if the assets or means belong to a third person, provided that suh person was aware of the offene at the time of aquisition. Confisation may be ordered even where no riminal proeedings have been initiated due to the death of the offender or where a proseution was terminated or delared inadmissible

5 21.8 Money laundering offenes are punishable under Greek law even if the underlying riminal ativity took plae abroad, ie outside the jurisdition of Greek riminal ourts In the ase of legal entities, Art 51 of the Money Laundering Law speifies that if a legal entity or undertaking aquires a diret profit as a result of any one of the above mentioned riminal ats, and provided one or more of the persons exerising the administration or management of that legal entity or undertaking was aware of the fat that suh profit was derived from an illegal at, then the following penalties may be imposed on the entity onerned, either umulatively or severally: an administrative fine between 50,000 and 2,000,000; permanent revoation or temporary suspension of the undertaking s operating liene for a period from one month to two years, or, if the undertaking or legal entity is not required under the law to have suh an operating liene, prohibition of the exerise of its business; permanent or provisional exlusion of the undertaking or legal entity from publi grants or subsidies or from partiipation in publi ontrat award proedures. REQUIREMENT TO REPORT SUSPICIOUS TRANSACTIONS Under the Money Laundering Law the following parties (or their offiers) are required to report suspiious transations: redit institutions; finanial institutions; venture apital ompanies; ompanies providing business apital; hartered aountants, audit firms, independent aountants and private auditors; tax onsultants and tax onsulting firms; real estate agents and related firms; asino enterprises and asinos operating on ships flying the Greek flag, as well

6 as publi or private setor enterprises, organisations and other bodies that organise and/or ondut gambling and related agenies and agents; aution houses; dealers in high-value goods, only to the extent that payments are made in ash in an amount of 15,000 or more, whether the transation is exeuted in a single operation or in several operations whih appear to be linked; autioneers; pawnbrokers; notaries and other independent legal professionals, when they partiipate, whether by ating on behalf of and for their lients in any finanial or real estate transation, or by assisting in the planning and exeution of transations for the lient onerning the: buying and selling of real property or business entities; managing of lient money, seurities or other assets; opening or management of bank, savings or seurities aounts; organisation of ontributions neessary for the reation, operation or management of ompanies; reation, operation or management of trusts, ompanies or similar strutures. The provision of legal advie ontinues to be subjet to professional serey, unless the lawyer or notary partiipates in money laundering or terrorist finaning ativities or if his legal advie is provided for the purpose of ommitting these offenes or if he is aware that his lient seeks legal advie in order to ommit suh offenes; natural or legal persons providing servies to ompanies and trusts (trust and ompany servie providers), whih by way of business provide any of the following servies to third parties: forming ompanies or other legal persons; ating as or arranging for another person to at as a diretor or seretary of a ompany, a partner of a partnership, or a similar position in relation to other legal persons or arrangements; providing a registered offie, business address, orrespondene or administrative address and any other related servies for a ompany, a partnership or any other legal person or arrangement; ating as or arranging for another person to at as a trustee of an express trust or a similar legal arrangement;

7 ating as or arranging for another person to at as a nominee shareholder for another person other than a ompany listed on a regulated market, that is subjet to dislosure requirements in onformity with Community legislation or subjet to equivalent international standards; postal ompanies, only to the extent that they arry out the ativity of intermediaries in the transfer of funds Under Art 26 of the Money Laundering Law, an intentional failure to report suspiious or unusual transations and the making of a false or misleading report is punishable by a term of imprisonment of two years. SPECIFIC OBLIGATIONS OF BANKS Supervised redit and finanial institutions are subjet to speifi antimoney laundering ompliane obligations. These obligations are set out under Arts of the Money Laundering Law Under Art 6 of Money Laundering Law the Bank of Greee is the Competent Authority 4 for ensuring that supervised redit and finanial institutions 5 omply with the requirements of the Money Laundering Law. The Governor of the Bank of Greee has issued a series of Ats elaborating on the sope of the requirements on redit and finanial institutions (notably Ats 2536/2004 and 2577/2006 on the adequay of Bank Internal Control Proedures). 3 The obligations are also appliable to lawyers, notaries, aountants, real estate agents, asinos, trusts and ompany servie providers (see European Commission Reasoned Opinion to Greee for failure to implement the Third Anti-Money Laundering Diretive in national law IP/08/860 5 June 2008). 4 The Bank of Greee has established a relevant Department for the Supervision of Credit and Finanial Institutions, whih operates by authority of the Governor of the Bank of Greee. 5 The Credit and finanial institutions are: redit institutions, leasing ompanies, fatoring ompanies, exhange bureaux, fund transfer intermediaries, redit ompanies and postal ompanies (only to the extent they at as fund transfer intermediaries).

8 21.14 Credit and finanial institutions must: (a) require proof of a ustomer s identity; (b) examine with speial attention any transation that, by its nature or in the light of information onerning the ustomer or his apaity, may be assoiated with money laundering or terrorist finaning; () establish internal ontrol and ommuniation proedures in order to prevent transations assoiated with money laundering; (d) take into aount the ustomer s overall portfolio at group level in order to verify the ompatibility of the transation with suh portfolio and also ask opies of the ustomers' tax returns to make sure that the delared inomes justify the transation; (e) ensure that these requirements also apply to their branhes and subsidiaries abroad; (f) take any other appropriate measure, inluding not arrying out a transation or terminating a business relationship with a ustomer, if the statutory identifiation and verifiation requirements have not been satisfied or if the ustomer engages in ondut or behaviour whih is not in line with the firm s poliies and proedures for addressing money laundering and terrorist finaning risks All anti-money laundering proedures are based on the olletion, possession and use of adequate information on a ustomer to verify his identity and evaluate his profile. In this ontext, redit and finanial institutions must develop and apply a poliy and proedures for aepting business relationships, in full ompliane with the requirements of the Money Laundering Law, and ondut ustomer due diligene. Customer due diligene implies taking adequate measures to get to know existing and new ustomers and onduting ongoing monitoring of their transational behavior. Enhaned ustomer due diligene poliy and proedures must be applied for high-risk ustomers Speifially: Credit and finanial institutions may not open and keep seret, anonymous and numbered aounts, or aounts in fititious names, or aounts without the owner s full name aording to his identifiation douments. Credit and finanial institutions must ondut ustomer due diligene and

9 require identifiation of any ustomer who wishes to enter into any ontrat and to arry out any transation amounting to the equivalent of 15,000 or more, whether suh transation is arried out in a single transation or in several transations whih are effeted on the same day or are legally onneted. However, the Institutions must be able to detet whether a transation has been arried out in several transations. Credit and finanial institutions must require ustomers to provide identifiation douments that are diffiult to forge or obtain illegally, regardless of the bank aount or servies onerned. The minimum identifiation partiulars required and the douments verifying them are indiatively as follows: Natural Persons IDENTIFICATION PARTICULARS IDENTIFICATION DOCUMENTS Full name and father s name Identity ard issued by a polie authority ID number or passport number Issuing authority Valid passport Customer s signature speimen Current address Reent utility bill Lease agreement ertified by the IRS Tax learane ertifiate issued by the IRS Valid stay permit Oupation and urrent oupational address Employer s ertifiate Tax learane ertifiate issued by the IRS

10 Copy of the last payroll slip Self-employment start up delaration Oupational identity ard Certifiate issued by a soial seurity fund Taxpayer s identifiation number Tax learane ertifiate issued by the IRS Conerning the identifiation of legal entities, the ompleteness of their inorporation or establishment douments and the douments empowering or authorising their legal representatives may be ertified by the legal departments of redit and finanial institutions. The minimum douments are as follows: Legal Entities 1. Soiétés anonymes and limited liability ompanies: The Soiétés Anonymes & Limited Liability Companies Issue of the Government Gazette where a summary of the harter of the soiété anonyme or limited liability ompany was published, inluding: the name, registered offie, objet, number of diretors (for Soiétés anonymes) and names of administrators (for limited liability ompanies); the names and identity partiulars of the ompany s representatives and their powers; the ompany registration number by the ompetent Companies Registry; Government Gazette Issues in whih any amendments to the harter in onnetion with the above partiulars were published; and

11 the identity partiulars of the legal representatives and all persons authorised to operate the ompany s aount. 2. Partnerships: ertified opy of the original partnership agreement that has been filed to the Court of First Instane, inluding any amendments thereto; and the identity partiulars of the legal representatives and all persons authorised to operate the partnership s aount 3. Other legal entities: their establishing douments, ertified by a publi authority; and the identity partiulars of the legal representatives and all persons authorised to operate the legal entity s aount Credit and finanial institutions must require ustomers ating on behalf of another natural person, to provide identifiation of the other natural person for whom they at, in addition to providing information identifying themselves. The information relating to the person on whose behalf they at an be provided either by following the proedure referred to above or by presenting a power of attorney ertified by a publi authority. If this is not possible, the transation must not be arried out Credit and finanial institutions must have in plae risk-based poliies and proedures for ustomers and/or transations. Suh poliies must inlude lassifying ustomers into at least three risk grades ((i) low risk; (ii) normal risk; and (iii) high risk) refleting the possible auses of risk. The lassifiation must be aompanied by the orresponding ustomer due diligene measures, ongoing monitoring and audits, whih are diversified by ustomer and/or transation ategory, so that the institution may deide whether or not to terminate the business relationship Credit and finanial institutions must have adequate IT systems and effetive proedures for the ongoing monitoring of aounts and transations,

12 in order to detet, monitor and assess high-risk transations and ustomers. Further indiative measures for implementing a risk management system inlude: Assessment of the risks faing the institution onerned (transations struture, review of basi lientele, regions of ativity, proedures, distribution networks and organisation). Reording and identifiation of ustomer-, produt- and transation-speifi risks, using the expertise and tehniques applied in the banking setor. Development, through eletroni data proessing, of adequate parameters based on the results of the institution s risk analysis. Review and further development of preventive measures, taking into aount the result of risk analysis The fundamental high-risk ategories for whih redit and finanial institutions must ondut enhaned ustomer due diligene, inlude: (a) Non-resident s aounts: ustomers having their usual residene abroad are subjet to the same information requirements and identity verifiation proedures as those who live permanently in Greee. In addition, when there is any doubt onerning the identity of a person (in relation to a passport, identity ard or address partiulars), the institutions must seek verifiation by the embassy or onsulate of the issuing ountry in Greee, or by a professional subjet to reporting requirements under EU legislation, or by reliable finanial institutions in the ustomer s ountry of origin, or through the internet et. (b) Aounts of politially exposed persons from third ountries: enhaned ustomers due diligene proedures apply to politially exposed persons residing in third ountries, espeially ountries that are widely known as highorruption ountries having anti-money laundering laws and regulations that do not meet internationally aeptable standards. Politially exposed persons are natural persons that are or have been entrusted with a prominent publi funtion, 6 as well as their immediate family members 7 or the persons known to 6 Notably: heads of state, heads of government, ministers, assistant ministers, members of parliaments, members of supreme ourts or other high-level judiial bodies whose deisions are not subjet to further appeal, members of ourts of auditors or of the boards of entral banks, ambassadors, hargés d affaires, high-ranking offiers in the armed fores, members of the administrative, management or supervisory bodies of state-owned enterprises. 7 Spouses, any partner onsidered by national law as equivalent to the spouse, hildren and their spouses or partners, and parents.

13 be their lose assoiates. 8 () Aounts of ompanies with bearer shares: 9 redit and finanial institutions opening aounts for ompanies with bearer shares must, before opening the aount, verify the identity and finanial ondition of the owners and the benefiial owners 10 of the ompany on the basis of reliable and independent soures and/or by visiting the ompany s offies. The institutions must ompare regularly the expeted with the atual transations through the aount and srutinise any signifiant divergenes. If there is a hange in the atual benefiial owners, the Institution onsiders whether or not to maintain the aount. (d) Aounts of offshore ompanies and speial purpose vehiles: where the ustomer is a ompany that has no ommerial or produtive ativity in the plae of its establishment (suh as an offshore ompany, a speial purpose vehile et), the redit and finanial institutions must ondut enhaned ustomer due diligene. If the ustomer who requests the opening of an aount is a ompany the benefiial owner of whih is another ompany in Greee or abroad, the institutions, before opening the aount, verify the identity of the natural persons who are the benefiial owners of and/or ontrol the other ompany. If the data olleted are not enough to ertify and verify the identity of the natural persons that ontrol the ompany, no aounts are opened nor are any transations arried out. (e) Aounts of non-profit organisations: with respet to aounts of nonprofit organisations, redit and finanial institutions must verify the legitimay of their objets, requiring the submission of a ertified opy of their establishing deed (harter et), their ertifiate of inorporation, the ertifiate of registration and the number of their registration with the ompetent publi authority. 8 Any natural person who is known to have joint benefiial ownership of legal entities or legal arrangements, or any other lose business relations, with a politially exposed person. Also any person who has sole benefiial ownership of a legal entity or legal arrangement whih is known to have been set for the benefit de fato of a politially exposed person. 9 Simplified ustomer due diligene may be applied even when the ompany requesting the opening of an aount has bearer shares, provided that one of the following onditions are met: (i) the ustomer is a listed ompany whose shares are traded into a regulated market; or (ii) the ompany operates as a olletive investment undertaking established in a ountry with an adequate regulatory and supervisory framework for suh undertakings; or (iii) the ustomer is a redit institution situated in the EU or a third ountry whih imposes requirements equivalent to those imposed in the EU and supervised for ompliane with these requirements; or (iv) the shares or the ompany itself are ontrolled by the government or a government organisation. 10 Benefiial owner means the natural person(s) who ultimately ontrol(s) a legal entity through diret or indiret ownership or ontrol over a suffiient perentage of the shares or voting rights in that legal entity (25% plus is suffiient to meet this riterion), as well as those who otherwise exerise ontrol over the management of a legal entity.

14 (f) Portfolio Management Aounts of important lients: redit and finanial institutions in the ase of portfolio management aounts of signifiant lients (as identified by the institution s own riteria) must verify the identity of all their benefiial owners, verify whether the owner of the aount is a politially exposed person, establish the soure of funds and the expeted use of the aount, and examine whether the operation of the aount is onsistent with its purpose and report any suspiious ativity. (g) Non-fae to fae transations: redit and finanial institutions that provide their ustomers the possibility of arrying out non-fae to fae transations, notably at the point of opening aounts (phone banking, e- banking et.) must adopt adequate proedures to ensure their ompliane with the requirements of the law, in relation to the identifiation proedures, where required. The same requirements apply to ompanies or organisations that request the opening of an aount by mail or through the internet. (h) Cross-border orrespondent banking relationships with respondent institutions from third ountries: redit and finanial institutions must gather suffiient information about the respondent to fully understand the nature of the respondent s business and to determine from publily available information the reputation of the institution and the quality of supervision, inluding information about its ownership, address and regions of ativity. They must also assess the respondent institution antimoney laundering ontrols and doument the respetive responsibilities of eah institution in relation to ustomer due diligene measures. With respet to payable-through aounts, it must be satisfied that the respondent redit institution has verified the identity of its ustomers, it has performed ongoing monitoring of the ustomers having diret aess to aounts of the orrespondent and that it is able to provide relevant ustomer due diligene data upon request. Credit and finanial institutions are allowed to open orrespondent aounts and at as orrespondents for Institutions operating in non-eu ountries under the ondition that the bank that requests the opening of a orresponding aount is physially present with a fully staffed offie in the ountry of inorporation, from whih it provides real banking servies, ie the applying bank is not a shell bank. 11 (i) Countries whih do not adequately implement the FATF reommendations: redit and finanial institutions must examine with speial attention transations, and ondut ongoing monitoring of business relationships and transations with, natural persons or legal entities from 11 Aording to the 40 Reommendations of FATF ( ) Shell bank means a bank inorporated in a jurisdition in whih it has no physial presene and whih is unaffiliated with a regulated finanial group.

15 non-ooperative ountries. Institutions must assess the anti-money laundering risk of the ustomer s ountry of origin. The FATF, European Union and European Eonomi Area ountries are onsidered of equivalent status to Greee Credit and finanial institutions must keep reords (either the original hard opy reords or reords kept in other forms, for example in eletroni form) of the ontrats and transations (inluding the establishing douments of legal entities and the douments empowering their legal representatives, photoopies of identifiation douments, aount files et) for a period of at least five years after the business relationship with their ustomer has ended or the last transation has been exeuted, unless they are required by law to keep suh reords for a longer time period. In any ase, Institutions must ensure that they an provide the following information: the identity of the owners and benefiial owners of the aount, the identity of the persons authorised to operate the aount, data on the transations through the aount, assoiated aounts, the soure of funds, the urreny and amount of eah transation, the manner of deposit or withdrawal of funds (ash, heques, wire transfer, et), the identity of the person who arried out the transation, the destination of funds, the nature of the instrutions and authorisation given and the type and number of the aount involved in the transation. Data and doumentation relating to ongoing investigations must be kept until the National Authority onfirms that the investigation has been ompleted and the ase has been losed. ANTI-MONEY LAUNDERING, COUNTER-TERRORIST FINANCING AND SOURCE OF FUNDS INVESTIGATION AUTHORITY Artile 7 of the Money Laundering Law provides for an Independent Administrative Authority entitled "Anti-Money Laundering, Counter-Terrorist Finaning and Soure of Funds Investigation Authority (hereinafter referred to as the Authority ). The Authority is omprised of three independent Units, with separate responsibilities, staff and infrastruture, all of them reporting to the President, a senior ating Publi Proseutor appointed by deision of the Supreme Judiial Counil. The Units and their responsibilities are as follows:

16 1 The Finanial Intelligene Unit (FIU) i. The FIU is omprised of seven (7) Board Members, one from eah of the following authorities: Finanial Crime Investigation Offie, General Diretorate of Eonomi Poliy of the Ministry of Finane, Ministry of Justie, Transpareny & Human Rights, Bank of Greee, Helleni Capital Market Committee, Helleni Polie Headquarters, and Helleni Coast Guard Headquarters. ii. The FIU s staff ollets, investigates and evaluates suspiious transation reports filed with the FIU by natural persons required by law to dislose the origin of their assets and property, as well as information transmitted to the Authority by other publi or private agenies or brought to the Authority s attention through the mass media, the internet or any other soure, onerning business or professional transations or ativities potentially linked to money laundering or terrorist finaning. iii. After the ompletion of the investigation, the FIU deides whether to arhive the ase or to refer it, together with a reasoned findings report, to the ompetent Publi Proseutor, provided that the data olleted are deemed suffiient for suh referral. An arhived ase may be revived at any time in order for the investigation to be resumed or for the ase to be orrelated with any other investigation of the Authority. 2 The Finanial Santions Unit (FSU) i. The FSU omprises of two (2) Board Members, namely one from the Helleni Polie Headquarters and one from the Ministry of Foreign Affairs. ii. The Unit s staff ollets and evaluates any information forwarded to it by the polie and proseutorial authorities, or oming to the Authority s attention in any other way, onerning the ommission of offenes related to terrorist ativities. The FSU is responsible for taking all neessary ations in respet of the freezing of assets imposed by the United Nations Seurity Counil Resolutions, and EU Regulations and Deisions. The Unit is also responsible for designating natural or legal persons as related to terrorism or terrorist finaning and freezing their assets.

17 3 The Soure of Funds Investigation Unit (SFIU) i. The SFIU omprises of two (2) Board Members, one from the General Seretariat of Information Systems of the Ministry of Finane and one from the Bank of Greee. ii. The SFIU reeives the soure of funds delarations of natural persons required by law to dislose the origin of their assets and property. Moreover, it investigates and evaluates information transmitted to it or otherwise sent to the Authority onerning failure to dislose or making false or inaurate delarations by obligated persons, by onduting sampling or targeted audits of obligated persons statements at its disretion. In addition to verifying the submission and the auray of returns, suh audit shall also inlude, in any event, verifying whether any aquisition of new assets or expenditure to inrease the value of existing ones an be justified by the aumulated inome of obligated persons net of their living and similar expenses. The SFIU an summon the persons under audit to provide larifiations or to submit additional evidene within a speifi time limit. iii. After the ompletion of an investigation, the Unit deides whether to arhive the ase or to refer it, together with a reasoned findings report, to the ompetent Publi Proseutor, provided that the data olleted are deemed suffiient for suh referral. If any peuniary penalty should be assessed against the obligated person, the findings report is also transmitted to the General Commissioner of State at the Court of Auditors. If it is neessary to investigate matters falling within the sope of a tax or other authority, the findings report is also transmitted to suh authority. An arhived ase may be revived at any time in order for the investigation to be resumed or for the ase to be orrelated with any other investigation of the Authority Per the Money Laundering Law the ompetent Greek authorities for the implementation of anti-money laundering legislation, inluding the Bank of Greee, the Helleni Capital Market Commission, the Helleni Gaming Commission and the Tax Audit Department of the Ministry of Finane, have an obligation to promptly and fully ooperate with: (i) the European Supervisory Authority (European Banking Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and

18 of the Counil of 24 November 2010; (ii) the European Supervisory Authority (European Insurane and Oupational Pensions Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Counil of 24 November 2010; and (iii) the European Supervisory Authority (European Seurities and Markets Authority) established by Regulation (EU) No 1093/2010 of the European Parliament and of the Counil of 24 November FREEZING OF BANK ACCOUNTS AND PROHIBITION OF SALE OF REAL PROPERTY Artile 48 of the Money Laundering Law provides that in the ourse of an ordinary investigation 12 of a possible instane of money laundering, the investigating magistrate may, with the publi proseutor s onsent, prohibit the operation of the defendant s aounts in a redit or finanial institution and the opening of the defendant s safe deposit boxes of any kind, even when these are jointly held with any other person, if there is reasonable suspiion that these aounts or safe deposit boxes ontain money or items whih are the produt of money laundering. The same position applies in respet of an investigation into riminal ativity, and there is reasonable suspiion that the aounts or safe deposit boxes in question ontain money or items whih are subjet to onfisation. In the ase of a preliminary investigation, 13 the judiial ounil may order the freezing of the aounts or the prohibition of opening of safe deposit boxes. The investigating magistrate s order or judiial ounil s deree serves as a onfisation report, is issued without previous notie to the defendant or any third party, will not have to mention a speifi aount or safe deposit box, and is served on the defendant and the offier of the redit or finanial institution or the relevant branh manager of the plae of the investigating magistrate s or publi proseutor s seat. In the ase of a joint aount or a jointly held safe deposit box, the order or deree is also served on the third party involved. 12 The investigation proedure whih is initiated following the institution of riminal proeedings by the publi proseutor. 13 The preliminary proedure whih takes plae in order for the publi proseutor to deide whether he/she is going to institute riminal proeedings or not.

19 21.26 The effet of a prohibition ommenes as of the time of servie of the investigating magistrate s order or judiial ounil s deree on the redit or finanial institution. As of that time, the opening of the safe deposit box is prohibited and any disbursement of money from the aount is null and void vis-à-vis the State. Any offier or employee of a redit or finanial institution, who intentionally violates suh a prohibition, may be sentened to up to two years of imprisonment as well as imposed with a finanial fine Under the same prerequisites, an investigating magistrate or judiial ounil may order the prohibition of the sale of a speifi real property belonging to the defendant. The investigating magistrate s order or judiial ounil s deree serves as a onfisation report, is issued without previous notie to the defendant and is served on the defendant and the ompetent land registrar, who is required to enter a note in this onnetion in the relevant register and file the doument served on him. Any transation, mortgaging, seizing or other at entered in the relevant land register after suh note, shall not be taken into aount for the purposes of the seizing and onfisation of the real property in question Where the FIU onduts an investigation, in emergenies, the President of the Authority may order the freezing of aounts, seurities, finanial produts or safe deposit boxes, or the prohibition of sale or transfer of any asset, subjet to the same terms and onditions mentioned above. The data onerning suh freezing and the ase file immediately transmitted to the ompetent Publi Proseutor; this does not prevent the ontinuation of the investigation by the Authority The defendant and any third party that has legitimate interest in the ase has the right to demand the revoation of the investigating judge s order or of the judiial ounil s inditment, by an appliation addressed to the ompetent judiial ounil and filed with the investigating judge or the publi proseutor within 20 days from servie of the order or inditment. The submission of suh appliation does not suspend the enforement of the order or inditment. The order or inditment may also be revoked ex offiio if new evidene surfaes.

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