Task Force Aims to Open Vaults of Smugglers and Tax Evaders

A new clear framework for the management and utilization of assets seized by the state, obtained through smuggling, money laundering, and other frauds—proven to be products of crime—is being promoted according to ertnews. The first step was taken with the establishment (on Friday, May 16, 2025) of a task force by the Ministry of National Economy and Economic Affairs, involving members of the Economic Crime Prosecution Body (SDOE) of the Independent Authority for Public Revenue (AADE) and the Hellenic Bank Association (HBA), tasked with defining procedures for ‘opening and recording the contents of vaults, for which movement prohibition, seizure, or encumbrance has been imposed or ordered.’ These procedures apply to cases where vaults are linked to serious criminal offenses such as money laundering, fraud, smuggling, tax evasion, and others. The goal is for the assets found in these vaults, proven to be proceeds of crime, to be confiscated by the state. Subsequently, these confiscated assets—whether cash, jewelry, precious stones, securities, or other valuable items—can be utilized, liquidated, or sold through auctions or other processes ensuring transparency and maximum benefit for the public. The revenue will go towards strengthening state funds or serving specific social purposes, as defined by law (5042) passed in 2023. This law establishes rules for the detection, encumbrance, seizure, management, and final disposal (confiscation and utilization) of assets originating from criminal activities. The philosophy of the law is twofold: to deprive criminals of the fruits of their illegal actions and to ensure that these assets return to society, either by boosting public revenues or by using them for charitable purposes or compensating victims. The need for this new law arose due to the ambiguity and inadequacy of the previous system, specifically ‘the fragmented legal framework governing the management of encumbered and seized assets, and the total lack of provisions concerning the management of confiscated assets, making their transparent and effective utilization difficult.’ Essentially, the state could not take possession and utilize the illicit wealth of smugglers and tax evaders uncovered by control authorities. This gap conflicted with the need to comply with European mandates, such as Directive 2014/42/EU, which requires the recovery and management of proceeds of crime. The task force will deliver a special plan to the Minister of National Economy and Economic Affairs, whose implementation is expected to fill the gaps and address past weaknesses, leaving ‘free hands’ for illegal networks.