A recent report compiled by Greek authorities showed money laundering to be a major driving force for a number of criminal activities in Greece.
Drug trafficking in the country in 2016 is estimated at €200 million, while the amount of taxes lost as a result of cigarette smuggling in the same year is put at €431.8 million. Illegal migrant trafficking is perceived as having led to €367 million gains for the smugglers.
Alongside robberies, corruption, financial offences and tax violations, these criminal activities are associated with the collateral crime of money laundering, according to the verdicts of Greek authorities cited in the report of the Financial Action Task Force (FATF) against money laundering and terrorism funding published on Tuesday.
Surprisingly, the report shows Greece has recorded an improvement and now ranks among the top tier nations with a high degree of compliance and efficient system of preventing and fighting money laundering and terrorism funding.
But the risks are assessed by the Greek authorities as moderate to high. The report suggests the greatest risks are associated with professional groups such as lawyers, accountants, notaries, and real estate agents.
“There is a high number of unlicensed estate agents in Greece, which increases the risk of the property market being used for money laundering,” the report says.