Realtors, lawyers, accountants, notaries, members of the banking industry, high-end retailers, and money transfer agents are in the high-risk money laundering group in Greece, according to a Finance Ministry report.
The report entitled “National Money Laundering and Terrorist Financing Risk Assessment” says that economic crimes, fraud, and corruption are becoming increasingly difficult to locate and investigate due to their complexity. As a result there is a substantial negative impact on the economy.
Surveys over the past five years have shown that there is an increase in corrupt organizations and businesses that commit fraud and bribery, hindering Greek entrepreneurship and undermining competitiveness in the economy.
It is indicative that the magnitude of the underground economy in Greece is relatively high compared to the other developed OECD countries. In fact, the black economy in Greece is estimated at just over 20 percent of national income, ie more than €36 billion.
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