ECONOMY

Money laundering totals 5 billion euros per year

Authorities are doing little to stamp out money laundering in Greece, which amounts to some 5 billion euros per year, a conference hosted by the Hellenic American Chamber of Commerce heard yesterday in Athens. The former head of the committee against money laundering, Giorgos Zorbas (pictured), accused the country’s authorities of apathy on the issue, adding that there was great lack of transparency in transactions at local authorities, social security funds and hospitals, with public money wasted through various procurements. Deputy Finance Minister Dimitris Kouselas put money laundering in Greece at 2 percent of the country’s gross domestic product, or 5 billion euros, according to figures by the intergovernmental body Financial Action Task Force. ‘The more laws that exist and the stricter clauses we introduce, the higher the cost of graft becomes,’ stated Stefanos Komninos, general secretary for commerce.