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ARTICLE · 24 OCTOBER 1995

Money Laundering

Bahas Gramatidis & Partners
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GreeceEmployment and HR

By virtue of Law 2331/1995 issues related to money laundering are regulated in detail.

The bill establishes the obligation of bank employees and of the competent employees of credit and financial institutions to report every case of a "suspicious" transaction, in their judgement, and to investigate the origin of funds, requesting the particulars concerning the identity of the persons involved in cases where the amount exceeds 15.000 ECU. Bank secrecy is thereby waived in order for transactions giving rise to suspicions for money laundering to be investigated.

The obligation to report "suspicious" transactions and to keep records for five years relates to banks, credit and financial institutions, brokers offices, leasing companies, portfolio investment companies, foreign exchange bureaux, consumer credit institutions, insurance companies, law offices administering property and so on. In particular, brokers offices are required to furnish information and copies of their

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