Greece
| Date | 01 February 1997 |
| Pages | 189-194 |
| DOI | https://doi.org/10.1108/eb027138 |
| Published date | 01 February 1997 |
| Author | Jean‐Claude Zerey |
| Subject Matter | Accounting & finance |
Journal of Money Laundering Control — Vol. 1 No. 2 — Zerey
Greece
Jean-Claude Zerey
Greece has implemented the EC Directive on the
prevention of money laundering and the preven-
tion of the use of the financial system for money-
laundering purposes in two stages, like Belgium.1
First, in 1993 with the passing of Statute
2145/93 (Government's Gazette A 88) a new
Article 394A was added to the Greek Penal Code
introducing the crime of money laundering into
the Greek penal law system. The statute dealt only
partly with the use of the financial system for
money-laundering purposes but did impose crimi-
nal procedure rules. The new Article 394A is
entitled 'Legalisation of Assets from Criminal
Activity'.2 Secondly, with Statute 2331/95
(Government's Gazette A 173) more detailed pro-
visions relating to the use of the financial system
for money-laundering purposes were introduced,
in particular on the role of financial institutions as
vehicles for the detection of money-laundering
transactions.3
GOODS PROTECTED BY NEW ARTICLE
394A
Although the new Article 394A was added into the
chapter of the Greek Penal Code concerning
offences against property goods and the immedia-
tely preceding Article 394 relates to the offence of
accepting and providing products of crime, the
scope of Article 394A goes beyond the protection
of property. The new article aims to protect (a)
personal freedom and
property
in the case of robbery;
(b)
property
in the case of blackmailing and aggra-
vated forms of larceny;4 (c)
personal freedom
in the
case of capture; (d) public safety in the case of
manufacturing of, trafficking or transporting of
weapons of any kind (including bombs, chemical
or biological weapons etc); (e) human
life
and
health
in the case of the manufacture, handling with or
transport of narcotics; and (f)
benevolent cause
in the
case of transplantation of human tissues or organs
from a live or dead donor pursuant to Article 2 of
Statute 1383/83.
Requirements for the application of
Article 394A
Objective requirements
A person is committing the offence of money
laundering if such person:
Page 189
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