GREECE Law and Practice Contributed by: Petros Machas, Dimitris Zanganas and Katerina Chrysi, Machas & Partners
Machas & Partners Law Firm 8, Koumpari str. Kolonaki 10674
Athens Greece
Tel: +30 210 721 1100 Fax: +30 210 725 4750
Email: info@machas-partners.com Web: www.machas-partners.com
1. Legal Framework and General Principles 1.1 Scope of Financial Crime and General Criminal Law Principles There is no formal legal definition of economic crime; it broadly encompasses punishable acts with a financial dimension that go beyond ordinary property offences, as they are committed within, by, or against business - es and affect the economic system and development. The protected legal interest extends from individual property to broader goods such as economic order, the financial system, and the capital market. It is dis - tinct from mere compliance violations and is closely linked to corruption – fostered by lack of transpar - ency, concentration of power, and impunity – as well as organised crime, where financial gain constitutes a core element and economic offences (eg, market manipulation or insider trading) may be commit - ted within criminal organisations. The constituent elements of a punishable economic offence are an unlawful act imputable to a specific individual (a natu - ral person), committed either in its completed form or at the stage of attempt. Such offences are typically classified as intentional crimes and offences of result. 1.2 Burden and Standard of Proof Under Greek law, the presumption of innocence is a fundamental principle, with any reasonable doubt operating in favour of the accused. Consequently, the burden of proof in financial crime proceedings rests with the prosecuting authority acting on behalf of the state.
The Greek legal order adheres to the principle of the free assessment of evidence, whereby courts are not bound by formal rules of evidence but are required to form their judicial conviction on the basis of an impar - tial and reasoned evaluation of the evidentiary material adduced. As a rule, all forms of evidence are admissible, subject to specific exclusions (notably legal professional privi - lege and the confidentiality of communications). The principal evidentiary means include indicia, autopsy, expert evidence, the accused’s confession, witness testimony, and documentary evidence. 1.3 Aiding and Abetting Offences of conspiracy are not, as such, codified under Greek criminal law. Secondary liability, however, is recognised in the form of participation in a crimi - nal offence, depending on the manner and degree of contribution. Pursuant to the general provisions of the Greek Penal Code (Articles 45–49), punishable forms of participa - tion include: joint perpetration of an offence (co-per - petrators), instigation of the decision to commit an offence (moral instigator, including the provocateur), and direct or simple assistance to the principal offend - er in the commission of an offence (direct accomplice and accessory). 1.4 Limitation Periods Financial crimes are subject to the general rules on limitation periods. Accordingly, for serious offences (felonies), the limitation period is twenty years, where the offence is punishable by life imprisonment, and
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