An investigation into alleged money laundering by high-ranking officials is about to set the gambling sector in Greece ablaze.

Local news outlets report that the Hellenic AML Authority has uncovered a potential money laundering ring that involves around 200 individuals, some of which ministry officials and high-ranking civil servants.

Whether knowingly or not, licensed gambling operators were also scrutinised for their involvement in the scheme.

How it works

In terms of how the scheme operated, investigators describe the following: a customer would first open an account with a licensed platform, obtaining a personal code linked to their profile.

The alleged perpetrator would then go to an affiliate retailer – gas stations, convenience stores, or mini markets – handing in a large sum of cash that would be deposited in their account, avoiding traceable bank transfers. Clerks generally don’t require proof of funds.

Deposits would then be credited to the player’s profile on the licensed platform, essentially legitimising the cash, which would then be transferred to a personal bank account.

Sources revealed that individual deposits amounted to €1m (£868k) in some cases. After cross-checking the players’ tax records, investigative authorities could not clarify the origin of funds.

What’s next

As this is an ongoing investigation, information around the alleged suspects and companies is scarce. However, one thing is for certain – a number of licensed gambling operators, some sources saying “at least ten”, are being put under the microscope over failure to comply with AML regulations.

The Hellenic AML Authority, led by former Supreme Court Deputy Prosecutor Haralambos Vourliotis, will also benefit from close collaboration with the Hellenic Gaming Commission – the authority responsible for overseeing local gambling activities.

If the investigation leads to prosecutions, it would place a big question mark over the integrity of the Greek gambling market, which consists of major players like Allwyn-majority owned OPAP, Kaizen Gaming’s Stoiximan, Betsson, and more.

Last but not least, while Greece is currently considered to have a strong AML and anti-corruption legal framework by international standards, a scandal of such scope would certainly test its enforcement adequacy, which would be likely reviewed by the FATF in its next monitoring round.

SBC News has reached out to both the Greek AML Authority and Gambling Commission for comment.

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