GREECE Trends and Developments Contributed by: Ilias Anagnostopoulos and Constantina Akrida, Anagnostopoulos
also be imposed, such as a temporary ban on stand - ing for public office. With regard to legal entities, their criminal liability is established if the specified offences are committed for their benefit by any person holding a managerial position within the legal entity and acting individually or as a member thereof, or if the commission of the offences is due to a lack of supervision or control by a person possessing the aforementioned qualities. The penalties imposed include a fine amounting to at least 5% of the legal entity’s total annual turnover or at least EUR40 million, as well as additional penalties, such as exclusion from carrying out business activities. In relation to the determination of penalties, Directive 2024/1226 provides for both aggravating and miti - gating circumstances. For example, committing the offence within the framework of a criminal organization constitutes an aggravating circumstance, whereas the offender’s cooperation with the competent authori - ties by providing information to which they would not otherwise have had access constitutes a mitigating circumstance. The provisions of Directive 2024/1226 also include the freezing and confiscation of assets related to the defined offences, as well as of proceeds derived from related criminal activity. The transposition of Directive 2024 / 1226 into Greek law Directive 2024/1226 was transposed into Greek legal order by Law 5232/2025. Its explanatory memoran - dum states that the long-term objective of the new law is to ensure the effective implementation of the Euro - pean Union’s restrictive measures and the integrity of the internal market within the EU, in order to achieve a high level of security within the Area of Freedom, Security, and Justice. Greece transposed the Directive into its domestic law with a delay, missing the prescribed deadline, result - ing in the European Commission opening infringement proceedings. This fact likely indicates that the trans - position took place under intense pressure resulting in a number of technical flaws.
Discussion Undoubtedly, Directive 2024/1226 brings a welcome improvement in the effectiveness of the restrictive measures imposed by the Union and contributes to the achievement of the EU’s goals in this sensitive area. However, the responsibility for monitoring and prosecuting violations of restrictive measures lies with the member states and, therefore, the attainment of the Union legislator’s goals will depend largely on the national authorities’ ability to detect such violations and their zeal in prosecuting offenders, especially in cases where their actions were not considered crimi - nal prior to the Directive. The next day for businesses and individuals requires them to be alert and demonstrate willingness to respond to a stricter regulatory and supervisory envi - ronment. In practical terms, this means that obligated parties (individuals or legal entities) must take steps to ensure that they have adequate and effective compli - ance procedures in place, especially when conduct - ing transactions with Russia or other states under the Union’s “microscope”. OPEKEPE case The establishment of EPPO In the previous decade, the lack of consensus within the European sphere regarding cross-border co-oper - ation led 16 member states to request that the Euro - pean Parliament and the Commission, on the basis of Article 86 of the TFEU, establish enhanced coopera - tion with the aim of protecting the financial interests of the EU. This initiative resulted in the adoption of Coun - cil Regulation 2017/1939 on the establishment of the European Public Prosecutor’s Office. The EPPO offi - cially began its operational activities on 1 June 2021. The European Public Prosecutor’s Office is structured at both the central and national levels to ensure swift and effective decision-making, proper representation of the member states, and equivalent protection of the Union’s interests. At the central level, it consists of the European Chief Prosecutor, the Deputy European Chief Prosecutors, the European Prosecutors, the College (composed of the European Chief Prosecutor and one European Prosecutor per member state), the permanent cham -
90 CHAMBERS.COM
Powered by FlippingBook