GREECE Law and Practice Contributed by: Petros Machas, Dimitris Zanganas and Katerina Chrysi, Machas & Partners
the transferred assets, while proceedings may be conducted autonomously, even where the perpetra - tor remains unidentified. 5.2 Compliance Programmes In the Greek legal order, there is no general obliga - tion requiring all companies to maintain standardised compliance programs for the prevention of financial crime; however, specific legislative frameworks indi - rectly mandate the adoption of such mechanisms. In particular, under the legislation on the prevention of money laundering (Law 4557/2018), obliged enti - ties are required to implement adequate compliance programmes, including customer due diligence pro - cedures, risk assessments, ongoing staff training, internal controls, record-keeping, and mechanisms for monitoring and reporting suspicious transactions. Furthermore, especially in the case of listed com - panies, Law 4706/2020 on corporate governance requires the establishment of internal control systems, risk management policies, codes of conduct, and whistle-blowing procedures, while Law 4990/2022 introduces mandatory internal reporting channels for certain entities. Although the existence of an effective compliance programme does not constitute a standalone defence to criminal liability, it may operate as a mitigating fac - tor for the accused, particularly where it is demon - strated that the individual contributed to the adoption of reasonable preventive measures by the company and co-operated with the authorities. In this context, sincere remorse, restitution of damage, and active contribution to the investigation, in accordance with Articles 84 and 85 of the Greek Penal Code (mitigating circumstances) may lead to a reduction of the penalty. 5.3 Defences and Exceptions In the Greek legal order, financial crime offences are governed by the general provisions of the Penal Code concerning the exclusion of unlawfulness and culpability, such as lack of intent and factual or legal error. Furthermore, the defendant benefits from the fundamental principle of in dubio pro reo, according to which any doubt as to guilt must be resolved in their favour, while a conviction requires proof beyond reasonable doubt. Common defence arguments, par - ticularly in financial crimes (eg, breach of trust, fraud),
relate to the non-fulfilment of the objective elements of the offence and the absence of punishability due to failure to establish definite and actual damage or intent to obtain unlawful financial gain. As regards evidence, the Greek procedural system follows the principle of free evaluation of evidence, accepting all lawfully obtained means of proof (such as witness testimony, documents, expert reports and confessions) without predetermined evidentiary value. In addition, mitigating circumstances are provided for, in particular sincere remorse, restitution of damage and co-operation with the authorities, in accordance with Articles 84 and 85 of the Penal Code, which may lead to a reduction of the sentence.. With regard to de minimis thresholds, in certain financial offences – particularly tax-related offences – criminal liability depends on the exceeding of specific monetary thresholds, whereas in lower-value cases only administrative sanctions are imposed. Moreover, for the classification of certain offences as felonies (eg, fraud or embezzlement against the Greek state), the damage must exceed the amount of EUR120,000. There is no general “safe harbour” regime; however, specific provisions provide for favourable treatment, especially in cases of voluntary disclosure or co- operation with the authorities. Greek law provides for consensual mechanisms for the resolution of criminal cases, such as criminal conciliation and plea bargain - ing (Articles 301–303 of the Code of Criminal Proce - dure), which, under certain conditions, allow for the acceleration of proceedings and the reduction of pen - alties following a confession and agreement with the prosecuting authority or compensation of the victim. 5.4 Whistle-Blower Protection In cases involving bribery of public officials, political figures or members of the judiciary, as well as trading in influence and related offences, a person may be granted whistle-blower (public interest witness) sta - tus, provided that they are not involved in the offence and do not seek any personal benefit. This status is granted by financial crime prosecutors, with the approval of the Head Prosecutor, where the individual provides information that significantly contributes to the detection and prosecution of the offence.
84 CHAMBERS.COM
Powered by FlippingBook