The entire property of Kostas Piladakis has been attached by order of the President of the Anti-Money Laundering Authority.
The business is controlled for an amount of about 100 million. euro, but also a series of offenses related to tax evasion, fraud and money laundering.
Kostas Piladakis is under investigation to see if it was possible to hide the identity of the real beneficiary in the companies INVICTUS and GLAFKA, and in the second case he is under investigation for hiding taxable income through fictitious expenses in the companies related to his interests, such as THEROS INTERNATIONAL. GAMING INC, HELENIC CASINO KERKYRAS SA and VIVERE ENTERTAINMENT SA.
The order requires the movable and immovable property of the businessman to be attached, and special reference is made to the possible involvement of the Corfu Casino companies. Specifically, provision is made for the freezing of bank accounts, investment products, safe deposit boxes, movable and immovable property and any type of securities, shares or other financial assets.
This provision adds that, in the event that new assets are discovered, the banks must inform the Authority immediately.
Eight natural persons and five companies have been put under the microscope.
Read more: Mitsotakis man clears the large infantry Piladakis
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What are the legal consequences for businesses involved in money laundering investigations?
Interview: The Legal Implications of Asset Freezing in Money Laundering Cases
Editor (Time.news): Today, we have the priviledge of speaking with Dr. Sophia Markou, a renowned expert in financial law and anti-money laundering (AML) practices. Dr.Markou, thank you for joining us.
Dr. Sophia Markou: Thank you for having me. it’s a pleasure to be here.
Editor: Let’s dive into a recent high-profile case involving businessman Kostas Piladakis,whose properties have been attached by the Anti-Money Laundering Authority. What are the primary legal implications of such asset attachments?
Dr. Markou: The attachment of assets is a notable step in an AML investigation. It serves to prevent the dispossession of assets that may be tied to illicit activities. In Piladakis’ case, with allegations of tax evasion and money laundering, this move indicates that authorities have significant grounds to believe these assets are proceeds of crime.
Editor: The authorities are looking into potential fraudulent activities related to companies like INVICTUS and GLAFKA. How common is it for individuals to conceal the identity of the real beneficiaries behind corporate structures?
Dr. Markou: It is unfortunately quite common. Complex corporate structures can obscure ownership, making it difficult to identify the true beneficiaries. This is why regulators are tightening laws around openness in ownership to combat tax evasion and financial fraud effectively.
Editor: The order specifies the freezing of various assets, including bank accounts and investment products. In your experience, how effective are such measures in disrupting money laundering activities?
dr. Markou: Extremely effective.Freezing assets can halt ongoing schemes and compel suspects to cooperate with investigations. It also sends a strong message that such activities will not be tolerated, which can deter others from engaging in similar practices.
Editor: What do you think are the broader implications of this case for the gaming and entertainment industries,especially with regard to compliance practices?
Dr. markou: The implications are profound. The gaming industry,particularly,faces increased scrutiny. Companies must enhance their compliance programs to ensure anti-money laundering measures are robust.This may include thorough due diligence on partnerships and customer interactions, as seen with companies involved in the investigation like THEROS INTERNATIONAL GAMING INC.
Editor: Given the complexities involved in investigating such matters, what practical advice can you offer to businesses in related industries to shield themselves from potential legal repercussions?
Dr. Markou: Businesses should prioritize compliance by implementing strong internal controls and ensuring regular training for their staff on AML regulations. consulting with legal experts frequently, and performing internal audits, can help identify and address vulnerabilities before they escalate into legal issues.
Editor: As we explore the potential fallout from the actions taken against Piladakis, how can other stakeholders prepare for potential investigations in their operations?
Dr. Markou: Transparency is key. Stakeholders should ensure that their financial practices and reporting are clear and well-documented. Being proactive, rather than reactive, by engaging in regular assessments of risk and compliance can empower these businesses to navigate legal landscapes more efficiently.
Editor: Dr. Markou, thank you for your insights into this complex situation involving Kostas Piladakis. It sheds light on the challenges faced in combating financial crimes and the importance of maintaining stringent compliance practices across industries.
Dr. Markou: My pleasure.Thank you for discussing these vital topics. it’s vital for businesses to stay informed to prevent getting caught up in similar legal entanglements.
Editor: For our readers, this case underscores the critical nature of compliance and the serious consequences of financial misconduct. Stay tuned for more updates on this story as it develops.