GREECE Law and Practice Contributed by: Petros Machas, Dimitris Zanganas and Katerina Chrysi, Machas & Partners
3. Core Financial Crime Offences 3.1 Fraud and Dishonesty Offences The main punishable forms of fraud are codified in Articles 386–389 of the Greek Penal Code and include: • the basic form of fraud, which also encompasses fraud before the courts as well as fraud directed against legal entities of the public sector (Article 386, PC); • computer fraud (Article 386A, PC); • fraud relating to subsidies (Article 386B, PC); • petty fraud (Article 387, PC); and • fraudulent causing of damage (Article 389, PC). Additionally, specific acts of fraud are regulated and penalised under special laws, such as accounting fraud (Laws 5104/2024, 4548/2018 and 4254/2014) and fraud against the European Union (Law 4689/2020). Fraud is committed where a person knowingly pre - sents false facts as true or unlawfully conceals or suppresses true facts and, by such conduct, induces another person to act, omit to act, or tolerate a situ - ation, thereby causing damage to property, with the intention of obtaining an unlawful financial benefit for themselves or for a third party. These offences are generally classified as misde - meanours. However, in aggravated circumstances, they may be elevated to felonies. This classification often depends on the extent of damage caused to the victim’s property and other qualitative or quantitative criteria set by law. In its basic form, fraud is punishable by imprison - ment of up to five years. Where the damage caused is significant, the offence is punishable by imprison - ment of at least three months (up to five years) and a monetary penalty. If the pecuniary damage exceeds EUR120,000, the penalty is imprisonment of up to ten years and a monetary penalty. Where the fraud is committed directly against the Greek state, legal entities governed by public law, or local government authorities, and the damage exceeds EUR120,000, the offence is punishable by
under the Code of Criminal Procedure and under spe - cial criminal legislation, as well as within the enhanced powers of the Financial Crime Prosecutor. More specifically, in cases of tax evasion, corruption, and other financial offences, asset freezing may be imposed at the stage of the preliminary examination pursuant to Article 36 (2), CCP, and at the investiga - tion stage under Article 261, CCP. In relation to money laundering offences, freezing measures may also be ordered under Article 42 (1) of Law 4557/2018 by the Anti-Money Laundering Authority, both during the pre - liminary examination and the investigation. Given that this is a coercive procedural measure with significant impact on the suspect or accused, it must always comply with the principles of propor - tionality and sufficient evidentiary basis. Its imposition requires, in particular, a reasonable link between the person concerned and the alleged offence, clear iden - tification of the affected person, and serious indica - tions of guilt. The measure may extend to all types of assets, including bank accounts, the contents of safe deposit boxes, movable and immovable property, and generally any asset that may constitute proceeds or an instrument of the offence. Asset freezing may also affect third parties, but only in connection with the main suspect or accused, and not independently. Where imposed during the investiga - tion stage, it requires the prior consent of the Public Prosecutor and the issuance of a specifically reasoned judicial decision. As regards duration, when ordered by the Financial Crime Prosecutor at the preliminary stage, the meas - ure may last up to nine months, with the possibility of extension for a further nine months. The same time limits apply when the measure is imposed by an investigating judge or by the Anti-Money Laundering Authority. In any event, if no final criminal judgment is issued within five years, the freezing is automatically lifted. The affected person has the right to challenge the measure, either by filing an appeal before the com - petent authority or by requesting its revocation or modification before the authority that imposed it.
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