An inner cabinet meeting, chaired by Prime Minister Costas Karamanlis, on Monday approved two bills aimed at combat-ting money laundering and attracting foreign investments in Greece.

Speaking to reporters after the meeting, Economy and Finance Minister George Alogoskoufis said the bill on combatting money laundering - in line with community directives - would lead to significant improvements in dealing with the problem, since money laundering has been the main source of funding of terrorist and criminal acts.

The bill extends the definition of 'money laundering'; broadens the scope of individuals who are required to report suspicious transactions, such as lawyers; and reinforces the power and responsibilities of the committee charged with the prevention of money-laundering activities.

Alogoskoufis said the bill would be submitted to parliament soon. The Greek minister noted that a second bill aims to attract foreign investors in Greece.

Government Spokesman Theodoros Roussopoulos said that the bill aimed at combatting money laundering aims at bringing Greek legislation in line with EU directive 20091/97/EK.

Through this initiative, "the legislative, administrative and operational framework regarding money laundering is upgraded," he said.

Source: Athens News Agency

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