Risks and legal protection in Greek economic criminal law
There is no statutory definition of the term “economic crime” or “white collar crime.” Rather, it is used to describe all criminal offenses with an economic dimension that may be directed against private individuals, companies, or the state. As economic and technological developments progress, new forms of economic crime continually emerge, to which the legislature must respond.
The relevant Greek criminal provisions are found primarily in the Greek Criminal Code (Law 4619/2019, in force since 1 July 2019), in the tax laws – in particular the Tax Procedure Act (Law 4174/2013) – in the Anti-Money Laundering Act (Law 4557/2018, as amended by Law 4816/2021), and in the Act against Unfair Competition (Law 146/1914).
Below you will first find an overview of the scope of Greek criminal law and the rights of victims in criminal proceedings. This is followed by a presentation of the elements and current sentencing framework of the most important economic offenses:
- Fraud
- Money laundering
- Offenses against intellectual property
- Insolvency offenses
- Corruption
- Smuggling
- Tax offenses
- Embezzlement
- Breach of trust – breach of trust in office
- Trade secret violations
FAQ
There is no single “Economic Criminal Code.” Instead, the relevant provisions are spread across:
- The Greek Criminal Code (Ποινικός Κώδικας, Law 4619/2019): classic offenses such as fraud (Art. 386), breach of trust (Art. 390), and embezzlement (Art. 375), as well as – since the 2019 recodification – bribery/corruptibility in the private sector (Art. 396, formerly regulated separately in Law 3560/2007) and prejudicing creditors (Art. 397).
- Special laws: provisions on money laundering (Law 4557/2018, regularly amended), tax evasion (Tax Procedure Code, Law 4174/2013 as amended from time to time), smuggling (National Customs Code, Law 2960/2001), and violations of trademark and competition law.
- Capital markets law: provisions on insider trading and market manipulation, today based primarily on Law 4443/2016, which implements the EU Market Abuse Regulation (MAR).
Important update: the Greek Criminal Code was completely recodified in 2019 (Law 4619/2019, in force since 1 July 2019) and has since been amended several times – most recently in particular by Law 4855/2021 and as part of the consolidated 2026 version. The article numbers and sentencing ranges of the classic property offenses have largely been retained, but have been tightened or adjusted in several respects.
In practice, the main areas of focus are:
- Fraud (Art. 386 Greek Criminal Code): intentional deception to obtain an unlawful financial advantage.
- Breach of trust (Art. 390 Greek Criminal Code): abuse of authority to dispose of another's assets (often in the context of managing directors).
- Corruption: bribery and corruptibility, particularly in the public sector (Art. 235 et seq. Greek Criminal Code) or the private sector (Art. 396 Greek Criminal Code), as well as in cross-border transactions.
- Insolvency-related offenses: acts that unlawfully frustrate the satisfaction of creditors in the run-up to or during insolvency proceedings (including Art. 397 Greek Criminal Code as well as special offenses under the Insolvency Code, Law 4738/2020, which replaced the earlier Law 3588/2007).
In Greece, these areas have been massively tightened due to international requirements and the economic crisis:
- Tax offenses: these are often prosecuted in parallel with administrative proceedings. High thresholds quickly lead to custodial sentences (see our separate FAQ on tax offenses).
- Money laundering: the Greek Anti-Money Laundering Act (Law 4557/2018, which implements EU Directive 2015/849 and has since been amended several times) provides for far-reaching powers to provisionally seize assets and freeze accounts already at the investigation stage.
A particular feature of Greek criminal procedure is the victim's right to participate as a civil party (auxiliary prosecutor).
- The victim (e.g. a defrauded company) can actively participate in the proceedings, submit evidence, and question witnesses.
- This serves not only to punish the offender but often also secures the basis for later civil damages claims.
Greek criminal law applies to:
- all acts committed domestically,
- acts committed abroad by a Greek national (under certain conditions),
- certain serious economic offenses against the Greek state, even if committed abroad.
(Further details in our separate FAQ on the scope of Greek criminal law.)
Risk Management for Companies at a Glance
Area of Offense | Legal Interest Protected | Preventive Measure |
Breach of trust | Company assets | Four-eyes principle & internal audits |
Corruption | Fair competition | Compliance guidelines (anti-corruption) |
Money laundering | Financial system | KYC checks (Know Your Customer) |
IP offenses | Intellectual property | Trademark monitoring in Greece |