Greece Prepares for FATF Review as AML Reforms Gather Pace

Greece is stepping up preparations for the Financial Action Task Force’s (FATF) fifth-round mutual evaluation of its anti-money laundering and counter-terrorist financing framework, with government agencies and regulators required to report on progress and outstanding weaknesses by 3 November 2026.

The preparations are being coordinated through Greece’s Strategic Committee for Combating Money Laundering and Terrorist Financing. Authorities are developing a national action plan intended to address the requirements of the international assessment while also preparing for the implementation of the European Union’s latest anti-money laundering legislation.

The review will examine not only whether Greece has adopted the necessary laws and regulations, but also whether its financial crime controls operate effectively in practice. Authorities will need to demonstrate how measures are implemented, identify weaknesses in enforcement and supervision, and explain what corrective steps are planned.

Government agencies, supervisory authorities and other competent bodies have been asked to submit detailed reports covering measures already completed, initiatives still in progress and areas where further work is required. The reports must also identify obstacles to implementation and propose solutions to unresolved issues.

A central objective is to clarify the division of responsibilities between the institutions involved in preventing and combating financial crime. The authorities intend to establish clearer accountability for individual actions and reduce overlapping responsibilities and administrative delays that could impede enforcement.

Once the reports have been collected, the Strategic Committee will assess the findings and finalise a national preparation strategy. This is expected to establish priorities, assign responsibilities and set deadlines for addressing identified gaps ahead of the FATF evaluation.

The exercise comes as Greece prepares to incorporate the EU’s Sixth Anti-Money Laundering Directive (AMLD6) into national law. The principal transposition deadline is 10 July 2027, giving the country a limited period to identify legislative and institutional changes needed to meet the new requirements.

The EU framework forms part of a broader effort to strengthen the prevention, investigation and prosecution of money laundering across member states. For Greece, preparation for the FATF assessment and implementation of the EU requirements are being treated as connected priorities, requiring coordination between public authorities and financial sector supervisors.

Greece has already strengthened its anti-money laundering framework since its previous FATF mutual evaluation in 2019. Nevertheless, the effectiveness of risk-based supervision, the quality of information available to authorities and the ability to identify and investigate suspicious financial activity remain important areas of focus for the wider system.

The Bank of Greece supervises compliance with AML and counter-terrorist financing requirements among the financial institutions under its remit, while other authorities oversee additional regulated sectors and investigate suspected financial crime. Effective cooperation between these bodies will be important in demonstrating that Greece’s framework functions consistently across sectors.

The preparation process is intended to provide the government with a clearer picture of the country’s current position before the international assessment. Its outcome will help determine which measures require immediate attention, which initiatives need further implementation and where additional legislative or operational changes may be necessary.

The FATF evaluation will assess Greece against international standards for combating money laundering, terrorist financing and proliferation financing. The assessment considers both technical compliance with the standards and the effectiveness of the measures used to identify, investigate and disrupt financial crime.

The November reporting deadline is an interim milestone in Greece’s preparations, rather than the conclusion of the evaluation itself. The authorities will use the information submitted by agencies and regulators to develop and implement the national strategy ahead of the review and the July 2027 EU legislative deadline.

By fLEXI tEAM