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.

Greece has made progress in combating corruption, improving its score on Transparency International’s Corruption Perception Index from 36 to 49 over the past decade, but faces ongoing challenges such as concerns over the rule of law and the independence of its national transparency authority. Corruption remains pervasive, particularly in public procurement and tax administration, with practices like bribery still common despite legal prohibitions. The OECD has urged Greece to prioritize the fight against foreign bribery and implement strategies to enhance transparency and integrity in its business environment.

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.