GREECE Law and Practice Contributed by: Petros Machas, Dimitris Zanganas and Katerina Chrysi, Machas & Partners
unlawful gain obtained or sought, the damage caused to third parties, any remedial actions taken after the offence (such as internal investigations contributing to its clarification), and any recurrence of offending behaviour. 6.3 Proceeds of Crime Recovery In the Greek legal order, mechanisms exist for the recovery of the proceeds of crime primarily through confiscation as an ancillary penalty, as provided under Article 68 of the Greek Penal Code and Article 40 of Law 4557/2018 on money laundering. As a general rule, confiscation requires a prior conviction for a pred - icate offence, and the court assesses the extent of the unlawful benefit, ordering the confiscation either of the assets themselves or of their equivalent value, includ - ing any direct or indirect proceeds derived therefrom. The procedure takes place before the criminal court during the main proceedings, applying the criminal standard of proof, while third parties asserting rights over the confiscated assets may seek legal protection through the available remedies. Enforcement of confiscation follows the rules govern - ing the execution of criminal judgments, and in cases of non-compliance, coercive enforcement measures may be taken against the convicted person’s assets. In addition, precautionary measures, such as seizure or freezing of assets, may be imposed at the pre-tri - al stage and remain in force until a final decision is issued. Civil recovery or compensation claims may be pursued in parallel with criminal proceedings, with - out being mutually exclusive. Furthermore, any gains or profits generated from the investment of criminal proceeds are treated as derivative proceeds and are likewise subject to confiscation. 6.4 Victim Compensation and Asset Recovery In the Greek legal order, mechanisms for financial compensation are primarily pursued through proceed - ings before the civil courts, while parallel remedies exist within the criminal process. Within the framework of alternative dispute resolution procedures, such as criminal conciliation and plea bargaining, the conclu - sion of an agreement may depend on the prior finan - cial satisfaction of the injured party, while in certain property-related offences (eg, embezzlement, fraud, breach of trust and fraudulent conveyance), full resti -
tution prior to final referral to trial may lead to exemp - tion from punishment. Victims may seek compensation before civil courts and, in parallel, participate in criminal proceedings as civil claimants in support of the prosecution from the pre-trial stage through trial. Although confiscation operates as an ancillary penalty in favour of the state, it does not preclude the victim from asserting claims over misappropriated assets. Victims may invoke proprietary rights over such assets or their proceeds – including substituted assets and mixed funds – provided they can establish a link to the original property, by means of civil law actions such as proprietary claims or unjust enrichment. In addition, during criminal proceedings, victims may assert rights over seized or frozen assets and seek their exclusion from confiscation. 7. Enforcement Priorities and Case Law Developments 7.1 Enforcement Priorities In Greece, current enforcement priorities in financial crime focus on enhancing transparency and combat - ing fraud against the public sector, with particular emphasis on tackling money laundering through the competent national authority, as well as monitoring asset declarations and terrorist financing. In 2024, this authority imposed fines exceeding EUR98 million in cases involving confirmed tax evasion of EUR2.4 bil - lion, while priority is also given to alignment with the requirements of the European Anti-Money Laundering Authority (AMLA). Tax compliance and audit activities are primarily over - seen by the Independent Authority for Public Revenue (AADE), focusing on combating tax evasion, mod - ernising digital systems and enhancing enforcement through the use of digital tools and artificial intelli - gence. At the legislative level, Law 5090/2024 introduced a hybrid liability regime for legal persons in corrup - tion offences (such as bribery), empowering criminal courts to impose fines ranging from EUR50,000 to
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