Greece Country Summary

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 scored 49 out of 100 on Transparency International’s 2023 Corruption Perception Index, reflecting a gradual improvement from a score of 36 in 2012, although concerns remain regarding the rule of law and the independence of the national transparency authority. The country faces significant challenges related to human trafficking, organized crime, and corruption, with criminal networks operating extensively and the judicial system lacking independence. Additionally, economic issues, declining freedom of speech, and inadequate support for victims of crime further complicate Greece's resilience against corruption and criminal activities.

Greece's economy has shown significant recovery since the financial crisis, with the government focusing on reforms and attracting foreign investments. The country successfully exited the EU's Enhanced Surveillance framework in August 2022 and regained an investment-grade credit rating, with foreign direct investment (FDI) flows reaching $7.6 billion in 2022. Despite challenges such as bureaucracy and inflation, ongoing reforms and substantial EU funding are expected to support continued economic growth.

Greece has made significant strides in improving its investment climate following the financial crisis, with a focus on attracting foreign direct investment (FDI) through various reforms and incentives. The country regained an investment-grade sovereign debt credit rating in 2022, and FDI flows reached $7.6 billion in 2022, reflecting one of the highest growth rates in Europe. Despite ongoing challenges such as bureaucracy and a slow judicial system, the Greek government continues to promote high-quality investments, particularly in sectors like renewable energy, technology, and healthcare.