If AML Investigations Run for Too Long, Freezing Orders Cannot be Renewed in Greece

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According to UK newspaper the Financial Times, Greece’s parliament have approved a government amendment permitting anyone suspected of money laundering and criminal fraud to overturn an asset freezing order (AFO) if they are not served with a court summons within a year and a half (an 18 month deadline).

Judicial committees will be established to review the many anti-money laundering (AML) investigations currently being completed; in order to select those in which continuation of the asset freezing orders is justified and reasonable under the new clause and introduced by the Greek Minister for Justice Mr Konstantinos Tsiaras.