Safe deposit boxes and deposits for black money may be frozen for up to 18 months

The penal code takes effect on November 18, 2022.

The Independent Authority for Public Revenue (IAPR) would apply strict sanctions on taxpayers who are investigated for tax evasion and money laundering, including the closure of bank accounts and safe deposit boxes for up to 18 months.

According to a circular issued by the governor of the Independent Authority for Public Revenue (IAPR), G. Pitsilis, the penal law that takes effect on November 18, 2022, provides for the following:

When financial prosecutors and anti-corruption prosecutors conduct preliminary investigations to verify the commission of crimes under their jurisdiction, they have the authority to freeze bank accounts, the contents of bank safes, and assets (movable and immovable) for up to nine months in order to protect the interests of the State.

This period may be extended by the board of appeals for a maximum of 9 months if a decision has been issued by a financial crime prosecutor or his deputy, or by the misdemeanour board if the order has been issued by an assistant financial crime prosecutor, due to non-completion of the preliminary examination.

In any scenario, prosecutors and supporting agencies must finish their review of the case within 18 months, or the defendants' accounts, accounts, and properties will be released regardless of the case's conclusion.

The decision is taken without the accused's previous summons, and no specific account, security, financial product, deposit box, moveable or immovable asset is mentioned. The commitment is valid from the time the decision is communicated to the organisation or service to which it is targeted (bank, etc.).

The notification is sent via fax or email to the Bank of Greece and the Capital Market Commission, which must notify the Greek financial institutions.

A real estate, ship, or aircraft lien is served on the competent mortgagee, head of the land register office, port master, or Civil Aviation Service.

Similarly, the decision is communicated to the Independent Public Revenue Authority, which can take any necessary safeguards.

The decision to extend the time of asset seizure is served on the accused within twenty days, after which he may appeal to the board of appeals or the board of misdemeanours.

By fLEXI tEAM