Cryptocurrencies are now also falling under the scrutiny of the Anti-Money Laundering Authority, as revealed during a briefing on the Authority’s work by its president, Charalambos Vourliotis, to the Minister of Economy and Finance, Kyriakos Pierrakakis.
Indicative of the scale and significance of this particular case is the fact that the Federal Bureau of Investigation (FBI) issued a public announcement (alert), informing the public about the freezing of transactions.
Specifically, last month, following intelligence received by the Authority, a suspicious cryptocurrency transaction was detected involving a registered user on a platform of a Greek crypto exchange service provider.
Subsequent investigation revealed that the user had received a significant amount of Ethereum in their Ethereum crypto wallet. Analysis by the Authority’s specially trained analysts — using specialized crypto transaction analysis tools — showed that the funds originated from the largest cryptocurrency theft in the industry’s history, totaling $1.5 billion. This incident took place in February and targeted the well-known cryptocurrency exchange Bybit. The theft has been attributed to a notorious hacking group.
As a result, a Seizure Order was issued by the Authority for the aforementioned crypto wallet and its criminal proceeds. A report was also prepared and submitted to the competent Prosecutor’s Office for further legal action.
Key Figures for 2024
The Authority’s results are measurable and highly encouraging, as evidenced by the data presented by Mr. Vourliotis to Kyriakos Pierrakakis. In 2024, the Authority delivered critical blows to organized financial crime:
€10 million in frozen assets expected to be returned to victims through international cooperation
200 asset seizure orders (covering bank accounts, real estate, vehicles, etc.)
The total value of identified criminal proceeds exceeded €700 million, a large portion of which was timely frozen
30,000 reports of suspicious transactions and intelligence of various kinds
Checks on 2,500 individuals and 1,500 legal entities under EU sanctions related to Ukraine
€3 million worth of seized assets in Greece linked to Ukraine-related sanctions
170,000 individuals subject to asset declarations, with 15,000 cases referred to judicial authorities
Support from the Ministry of National Economy and Finance
The Ministry of National Economy and Finance provides both institutional and active support to the Authority through:
Legislative initiatives aimed at strengthening the Authority’s role and operations
Investments exceeding €1 million to upgrade information systems and enhance technical autonomy:
€550,000 for IT infrastructure
€500,000 for the modernization of the integrated information system
Following his meeting with Authority head Charalambos Vourliotis, the Minister of National Economy and Finance stated:
“The Anti-Money Laundering Authority is a cornerstone of the national effort to enhance transparency, and to prevent and combat financial crime.
The seizure of over €700 million in criminal proceeds within one year proves that institutions can operate with speed, efficiency, and transparency.
The Ministry of National Economy and Finance, recognizing the Authority’s critical role, provides institutional support to its mission. We are investing over €1 million in upgrading its information systems, strengthening its technical autonomy and operational readiness.
The Authority is staffed with highly specialized and experienced personnel, capable of responding to all challenges — including those involving cryptocurrency transactions.
We are ensuring the institutional and operational guarantees necessary for the Authority to carry out its mission independently, effectively, and with ongoing operational upgrades.”
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