Anti-Money Laundering Authority in Greece Uncovers Black Money “Washing” Through Legal Betting Firms

The president of the Anti-Money Laundering Authority, former deputy prosecutor of the Supreme Court Charalambos Vourliotis, has moved to shut down a channel that enabled the laundering of illicit funds through legally operating betting companies that “launder a lot of black money.”

According to the findings, individual players were engaging in transactions ranging from €100 to as much as €1,000,000. Among those identified were senior public officials, including directors of ministries and public services, who could not justify such betting sums on the basis of their declared income. These wagers were placed with betting companies providing games of chance, particularly in the sports sector.

The Authority placed under scrutiny around 200 gamblers who, under the guise of legality, were found to be channeling vast amounts—up to one million euros—through roughly ten systematic betting companies. In reality, these transactions were serving as vehicles for money laundering. The individuals involved have been identified, and audits are underway comparing their tax returns with the substantial sums wagered.

The circuit was exposed following an extensive investigation conducted over several months by specialized Authority officials. Their work closed off a major loophole that had allowed black money to be funneled through legal betting platforms by exploiting gaps in the law. Approximately ten systemic gambling companies were implicated in the process, using as agents-collectors individuals far removed from the financial and gambling sectors, such as owners of convenience stores, mini markets, and gas stations.

The laundering method was systematic. Players deposited cash of unverifiable origin directly with these agents-collectors. The funds were then credited to the gamblers’ accounts with the betting companies before being transferred to their personal bank accounts, thereby acquiring a façade of legitimacy.

The process required players to first open accounts with online gambling firms, from which they received a unique code. Using this code, they could deposit funds directly into their gambling account. The next step involved visiting affiliated establishments—such as convenience stores or mini markets—that provided this “service.” There, the players handed over cash, which was credited to their betting account through the code provided by the company.

Subsequently, at the gamblers’ instruction, the balances—now including funds of suspicious origin—were transferred into their legally declared bank accounts. This effectively laundered the illicit cash, disguising it as gambling proceeds. The outcome was a deliberate mingling of unverified funds with legitimate income held in bank accounts, credit cards, and other financial instruments, creating the false impression of lawful gambling activity.

The Anti-Money Laundering Authority has already notified the Gaming Control Supervisory Committee, the body tasked with regulating and overseeing gambling activities, about this practice that facilitated large-scale money laundering. It also informed the Committee of its own enforcement actions, aiming to put an end to the exploitation of legal betting companies as laundering mechanisms.

By fLEXI tEAM