FATF Evaluation of Greece 2025–2026: What It Means for Accountants & Lawyers
The FATF (Financial Action Task Force) regularly evaluates every country's AML/CFT system. Greece's evaluation brings new pressures — and new obligations for professionals.
What Is FATF and Why Does It Matter?
The FATF (Financial Action Task Force) is the international body that sets the standards for combating money laundering (AML) and terrorist financing (CFT). FATF's 40 Recommendations form the basis for the EU's Anti-Money Laundering Directives (AMLDs), and therefore for the Greek L.4557/2018. Every 5–6 years FATF evaluates each member country through Mutual Evaluation Reports (MER). Countries that fail are placed on the grey or black list — something that affects the banking sector, foreign investment and the country's reputation. Greece is a FATF member through MONEYVAL (Council of Europe) and is evaluated regularly.
What the Evaluation Found in Greece
Recent MONEYVAL/FATF evaluations of Greece identified weaknesses in: Designated Non-Financial Businesses and Professions (DNFBPs): Accountants, lawyers, notaries and consultants were rated "partially compliant" or "non-compliant" in key requirements: • Application of CDD to existing clients • Quality and completeness of KYC files • Suspicious transaction reporting (STR) • Internal policies and training Beneficial Owners Registry: Deficiencies in the accuracy and updating of the Central UBO Registry. Professional supervision: Inability of OEE, SELK and Bar Associations to carry out effective supervision.
What Changes in Practice for Professionals
As a result of the FATF evaluation and pressure for improvement: Intensification of inspections: Supervisory authorities (OEE, SELK, bar associations, Ministry of Finance) must demonstrate to FATF that they exercise effective supervision. This means more inspections, stricter fines. Increased documentation requirements: "Good faith" is not enough. Every CDD step must be documented in writing. Mandatory training: Legislative requirement for annual AML training for professionals is expected. STR reporting: FATF monitors the number of STRs by professional category. An exceptionally low STR count is interpreted as non-implementation — with consequent investigations.
How to Prepare
Practical steps for compliance with the new FATF standards: 1. Review and update all KYC files: Particularly for clients not reviewed in the last 2+ years. 2. Create written internal AML policies: Even if you have a small firm. FATF requires documentation that procedures exist. 3. Train yourself and your colleagues: At least once a year on AML/KYC topics. 4. Use dedicated software: Complylty provides an audit trail for every action — exactly what FATF requires of supervisory authorities. 5. Do not be afraid to file STRs when there are indications: You are legally covered and contribute to the statistics FATF monitors.