Greece Country Summary
Sanctions
Low Concern
FATF AML Deficient List
Low Concern
Terrorism
Medium Concern
Corruption
Medium Concern
US State ML Assessment
Medium Concern
Criminal Markets (GI Index)
Medium Concern
EU Tax Blacklist
Low Concern
Offshore Finance Center
Low Concern
Please note that although the below Summary will give a general outline of the AML risks associated with the jurisdiction, if you are a Regulated entity then you may need to demonstrate that your Jurisdictional AML risk assessment has included a full assessment of the risk elements that have been identified as underpinning overall Country AML risk. To satisfy these requirements, we would recommend that you use our Subscription area.
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Anti Money Laundering
FATF Status
Greece is not on the FATF List of Countries that have been identified as having strategic AML deficiencies
Compliance with FATF Recommendations
The last Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Greece was undertaken in 2019. According to that Evaluation, Greece was deemed Compliant for 15 and Largely Compliant for 22 of the FATF 40 Recommendations. It was deemed Highly Effective for 0 and Substantially Effective for 5 of the Effectiveness & Technical Compliance ratings.
Sanctions
There are no international sanctions currently in force against this country
Bribery & Corruption
Rating |
0 (bad) - 100 (good) |
---|---|
Transparency International Corruption Index | 49 |
World Bank: Control of Corruption Percentile Rank | 58 |
Greece's corruption perception has improved, scoring 49 out of 100 and ranking 59th on Transparency International's 2023 index, but concerns remain regarding the rule of law and the independence of the national transparency authority. Despite legal frameworks against bribery, corruption persists, particularly in public procurement and tax administration, with the practice of 'fakelaki' being common. The OECD has urged Greece to prioritize combating foreign bribery alongside domestic corruption, highlighting the need for better resources for investigations and protections for whistleblowers.
Economy
Greece's economy has shown significant recovery following the financial crisis, with the government implementing extensive reforms and attracting foreign investments, particularly in sectors like renewable energy and technology. The banking sector has stabilized, with a notable reduction in non-performing loans, and Greece regained an investment-grade credit rating in 2023, leading to increased foreign direct investment flows. Despite these advancements, challenges such as bureaucratic complexities and a slow judicial system continue to hinder further economic growth.
Greece has made significant strides in improving its investment climate following the financial crisis, with the government implementing reforms to attract foreign direct investment (FDI) and enhance economic growth. The country regained an investment grade sovereign debt credit rating in 2022, and FDI flows reached $7.6 billion in 2022, reflecting a robust recovery and increased investor interest. Despite ongoing challenges such as bureaucracy and a slow judicial system, Greece continues to seek high-quality investments, particularly in sectors like energy, technology, and healthcare.

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- Risk Analysis
- Corruption
- Economy
- Sanctions
- Narcotics
- Executive Summaries
- Investment Climates
- FATF Status
- Compliance
- Key Findings