Cryptocurrencies are now under the oversight of the Anti-Money Laundering Authority, as highlighted during a briefing by its president, Charalambos Vourliotis, to the Minister of Economy and Finance, Kyriakos Pierrakakis.
The gravity of this situation is underscored by a public alert issued by the Federal Bureau of Investigation (FBI) regarding the freezing of certain transactions.
Recently, intelligence from the Authority led to the identification of a suspicious cryptocurrency transaction involving a registered user on a Greek crypto exchange platform.
Investigation revealed that this user had received a substantial amount of Ethereum in their wallet. Analysis conducted by the Authority’s expert analysts—utilizing specialized crypto transaction tools—determined that the funds originated from the largest cryptocurrency theft in history, amounting to $1.5 billion. This theft, attributed to a well-known hacking group, occurred in February and targeted the prominent exchange Bybit.
Consequently, the Authority issued a Seizure Order for the implicated crypto wallet and its illicit gains. A report has also been submitted to the appropriate Prosecutor’s Office for further legal proceedings.
Key Figures for 2024
The Authority’s achievements, detailed by Mr. Vourliotis to Kyriakos Pierrakakis, reveal substantial progress in combating organized financial crime in 2024:
- €10 million in frozen assets anticipated to be returned to victims through international collaboration
- 200 asset seizure orders covering bank accounts, real estate, vehicles, etc.
- Total value of identified criminal proceeds exceeded €700 million, with a significant portion frozen promptly
- 30,000 reports of suspicious transactions and various intelligence inputs
- Inspections of 2,500 individuals and 1,500 legal entities under EU sanctions due to Ukraine
- €3 million in seized assets in Greece linked to Ukraine-related sanctions
- 170,000 individuals required to declare assets, with 15,000 cases referred to judicial authorities
Support from the Ministry of National Economy and Finance
The Ministry of National Economy and Finance actively supports the Authority through:
- Legislative measures to enhance the Authority’s role and operations
- Over €1 million in investments aimed at upgrading information systems and improving technical autonomy:
- €550,000 for IT infrastructure
- €500,000 for modernizing the integrated information system
After meeting with Authority head Charalambos Vourliotis, the Minister of National Economy and Finance remarked:
“The Anti-Money Laundering Authority plays a pivotal role in our national efforts to enhance transparency and combat financial crime. The seizure of over €700 million in criminal proceeds within a year demonstrates that institutions can function swiftly, efficiently, and transparently. Recognizing the Authority’s importance, the Ministry is providing institutional support for its mission and investing over €1 million to upgrade its information systems, thereby strengthening its technical capacity and operational readiness. The Authority is staffed with highly specialized personnel capable of addressing all challenges, including cryptocurrency transactions. We are committed to providing the necessary institutional and operational guarantees to ensure the Authority can fulfill its mission effectively and independently.”
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