Money laundering refers to the introduction of illegally generated assets into the legal financial and economic system.
The money frequently originates from serious offences such as drug, weapons or human trafficking, corruption, fraud or theft, or is intended to finance such offences.
The legal basis today is primarily Art. 394A of the Greek Criminal Code in conjunction with Law 4557/2018 (as amended by Law 4816/2021 implementing EU Directive 2018/1673). Under this, money laundering is committed, in particular, by anyone who, out of greed or in order to conceal the true origin of assets, or to assist another in doing so,
- converts or transfers assets,
- conceals their true origin, location, movement, or the rights attached to them,
- acquires, possesses, or uses such assets, or
- introduces them into the financial sector, for example by depositing them into bank accounts.
Sentencing range: penal servitude of five to eight years and a fine in the basic form. Where the unlawful pecuniary advantage exceeds €120,000, the offence is committed by a person subject to reporting obligations (e.g. bank employees, statutory auditors) in the course of their professional activity, or the advantage derives from particularly serious predicate offences (including criminal or terrorist association, child pornography, drug trafficking, theft, robbery), the sentencing range increases to penal servitude of five to ten years. Where the offender acts on a commercial basis or as a member of a criminal association organised for the purpose of money laundering, the penalty is penal servitude of five to fifteen years. Where the predicate offence was merely a misdemeanour, money laundering is punished with imprisonment of up to three years and a fine.
Already at the first stage of criminal proceedings, an account freeze, the opening of bank safe deposit boxes (including jointly held boxes), and the securing of the accused’s real property can be ordered. Money laundering is also considered a continuing offence for as long as the offender retains control over the incriminated assets; limitation therefore begins to run only once this control ends.
FAQ
The term money laundering refers to the introduction of illegally generated money (or assets generally) into the legal financial and economic system. In most cases, this illegally acquired money is either the proceeds of illegal activities (e.g. drug trafficking, arms trafficking, human trafficking) or is intended to finance illegal activities.
Money laundering is assumed to exist, in particular, in the following scenarios:
- setting up pyramid schemes and transferring money from depositors to various banks and charitable organisations in different countries;
- legalising stolen motor vehicles with the aim of moving them to other countries;
- depositing sums of money so as to create the impression that they are legitimate income of a joint account holder;
- legalising illegal income by depositing it into bank accounts and investing it in shares and real estate;
- embezzlement of amounts by bank employees or agents and their transfer to bank accounts abroad or to bank accounts of other persons, so as to conceal the trail of the money transfer.
Law 4557/2018 provides significant custodial and financial penalties for the basic form of money laundering, which depend on the severity and circumstances of the offence.
Where the offender bore a special professional duty of care (e.g. as a bank employee, notary, or member of a profession bound by Law 4557/2018), the sentencing range is significantly increased compared with the basic form.
For repeat offenders, the law provides for the highest sentencing ranges, which can include both lengthy custodial sentences and substantial fines.
Already at the first stage of criminal proceedings, an account freeze, the opening of a safe deposit box (including the opening of jointly held boxes), and the provisional securing of the accused's real property and other assets can be ordered.
As of June 2026. All information on these pages is provided without guarantee or liability.