Greece has replaced its independent anti-money laundering unit after a long-running scandal over the alleged bribery of Greek politicians and officials by the Siemens group.
Parliament approved by a narrow majority a law replacing the independent unit with a new Finance Ministry committee to tackle money-laundering and economic crime, reports the Financial Times. Finance Minister George Alogoskoufis said the unit had failed to deliver 'any significant results' during two years of operation. Greece faces pressure from the Paris-based Financial Action Task Force, an inter-governmental watchdog on criminal fund flows, to strengthen measures against money-laundering and terrorist financing. Sir James Sassoon, FATF president, warned in a letter to Alogoskoufis earlier this year that Greece's anti-money laundering unit had 'very significant deficiencies'. An FATF mission is due to visit Athens in September. By that time the new financial intelligence committee will be in place, according to a Finance Ministry official.
Source & Full Report: FT
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