Title: Cypriot Anti-Money Laundering Unit’s Significant Seizures and International Collaboration
Date: March 13, 2024
The Cyprus anti-money laundering unit (Mokas) reportedly seized approximately €10 million, nine luxury vehicles, four properties, and cryptocurrencies during investigations into money laundering and related criminal activities since 2022.
Seized Assets
- Monetary amounts: €5,290,938 ($5,693,714.20) in various currencies
- Luxury vehicles: 9
- Property: 1
- Cryptocurrency assets: €90,000
These seizures were made in both domestic and international cases, with the Cypriot courts granting freezing and seizure orders.
Domestic Cases
Mokas requested and obtained freezing orders for monetary amounts totaling €5,290,938 ($5,693,714.20) and a property, as well as the sale of two houses in payment of a confiscation order.
International Collaboration
For cases involving foreign prosecuting authorities, Mokas issued seizure orders, covering monetary amounts totaling €1,883,090 ($2,044,531.75) and a property.
Reporting Suspicious Transactions
Banks, investment firms, money transfer companies, casinos, auditing, and law firms in Cyprus are mandated to monitor, apply preventive measures, and report any suspicious transactions to Mokas under existing legislation.
- 54 cases were transferred to the police for criminal investigation following the identification and analysis of suspicious transactions
- 124 financial information and financial analysis disclosures were made for individuals under investigation or concerning cases involving specific crimes
Information Exchange
A strong collaboration between Cyprus and foreign governments in the fight against financial crimes is evident through Mokas’ sizable information exchange between 2022 and 2023:
- 438 requests were made by foreign countries for information related to investigations into criminal cases
- 208 requests were also satisfied by Cyprus
- In 2023, this number dropped to 327 requests from each end
On-going Efforts
The fight against money laundering and related financial crimes remains a priority for financial regulatory authorities and government agencies in Cyprus.