Anti-money laundering and anti-fraud methods to detect and prevent occupational fraud in the Greek public sector

Panagiotis Liargovas, Spyridon Repousis

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

According to the General Inspector of Greek Public Administration, only one per cent of corruption in the Greek public sector is detected and Greek state fraud losses from corrupted public servants are estimated to 20 billion Euros annually. This is a great amount if we bear in mind that since May 2010, the European Union, the European Central Bank and the International Monetary Fund, approved a joint, 110 billion Euros financing package to help Greece ride out its debt crisis, revive growth and modernize the economy. This chapter examines occupational fraud in the Greek Public Sector and suggests the steps that can be taken to avoid and combat it. It has become clear in the anti - money laundering field that having co-equal programs "to know your customer" and "to know your employee" are essential. Implementing a Know Your Employee program and methods from anti - money laundering and anti - fraud field, relevant with fictitious payments to employees, administration of Greek public sector can detect and prevent occupational fraud. Using direct and indirect methods such as behavior profile of employees, Benford's Law, job rotation, segregation of duties and others, administration of Greek public sector can restore a climate of mistrust and reduce occupational fraud. Our proposals offer important solutions for political analysts, politicians and society as a whole.

Original languageEnglish
Title of host publicationGreece
Subtitle of host publicationEconomics, Political and social Issues
PublisherNova Science Publishers, Inc.
Pages209-219
Number of pages11
ISBN (Print)9781621009443
Publication statusPublished - Jan 2012

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    Liargovas, P., & Repousis, S. (2012). Anti-money laundering and anti-fraud methods to detect and prevent occupational fraud in the Greek public sector. In Greece: Economics, Political and social Issues (pp. 209-219). Nova Science Publishers, Inc..