Commission: Greece and Cyprus in the crosshairs to combat black money cases

With reference to European Court of Justice warns the Commission two member states, Greece and Cyprus, for not aligning with EU rules to combat fraud against its budget, especially regarding the definition and responsibilities of legal entities, as well as the crime of money laundering money.

Specifically, the Commission decided to send a reasoned opinion to Greece and Cyprus, as it considers that their national legislation was not aligned with the directive on combating fraud against the Union budget through criminal law (PIF directive).

These rules harmonize the definitions, sanctions and limitation periods of criminal offences which affect the financial interests of the EU, and form the basis for the work of the European Public Prosecutor’s Office (EPPO).

As he reminds, the Commission had already sent a relevant warning letter to Greece in December 2021 and to Cyprus in February 2022.

After issuing the reasoned opinion, both Hellas as well as Cyprus they have two months to respond or address the deficiencies recorded.

Otherwise, the Commission may decide to refer the two Member States to the European Court of Justice.