Greece adopts EU Directive designed to combat money laundering & terrorism financing

Greek accounting firm Kleopas Alliott Business Consultants explain the latest legislation implemented in Greece to clamp down on money laundering and terrorism financing.

Published on 30th July 2018, Law 4557/2018 (Government Gazette A ‘139 / 30.07.2018) incorporated into Greek law the EU Directive 2015/849 of the European Parliament "on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing".

Under this law the following, inter alia, are obliged to certify and verify the identity of the individual customer and when the customer is a legal entity, its beneficial owner:

• The financial institutions
• The auditors and legal entities providing such services
• The external accountants, tax consultants and the legal entities providing such services
• The notaries and lawyers (under specific conditions)
• The real estate brokers
• The merchants, traders and sellers of high-value goods (gemstones, precious metals, jewels and watches, cars, antiques, works of art, carpets, etc.).

In accordance with the law, businesses and any other entities based in Greece must collect and record specific documents ensuring sufficient, accurate and up-to-date information about their beneficial owners are kept in a special registry at their premises. This information must also be recorded in the Central Registry of Beneficiary Owners within 60 days of its entry into operation using input codes on the “taxisnet” electronic platform.