Financial Crime World

Money Laundering Crackdown in Cyprus: Cabinet Strengthens Oversight, Arrests Made, and Ongoing Investigations

New Measures to Combat Money Laundering in Cyprus

The Cypriot government has taken steps to address money laundering concerns by granting additional powers to the Insolvency Department. This comes following a series of money laundering incidents and investigations.

  • Cabinet strengthens oversight: The Cypriot government has granted the Insolvency Department more powers to handle cases more effectively. This decision was made on a Wednesday. (Source)

Limiting Foreign Property Ownership in the North

In related news, the Turkish Cypriot administration is proposing legal amendments to restrict foreigners from purchasing multiple properties. An exception is made for Turkish citizens.

  • Proposed restrictions: The Turkish Cypriot administration is proposing legal amendments to limit foreigners from purchasing multiple properties. (Source)

Notable Money Laundering Cases

  • Ukrainian billionaire Ihor Kolomoisky’s arrest: Ukrainian billionaire Ihor Kolomoisky, who holds a Cypriot passport, was re-arrested in Ukraine on March 23 in connection with an attempted murder case from 2003. (Source)
  • Moneyval report: Moneyval, the Council of Europe’s anti-money laundering body, reported improvements in Cyprus’ money laundering measures but identified shortcomings in its Thursday report. (Source)

EU Rebukes Cyprus Over Money Laundering

  • Cyprus reprimanded: The European Commission issued a reasoned opinion to Cyprus for failing to implement EU legislation addressing money laundering and financial interests. (Source)

Suspected Money Laundering Cases

  • Ukrainian woman remanded in custody: A Ukrainian woman was remanded in custody after being unable to afford bail on money laundering charges in Cyprus. (Source)
  • Monks file appeal: Monks suspected of involvement in a money laundering scandal at the Osiou Avakoum monastery filed an appeal at the Nicosia District Court on Tuesday to challenge the seizure and freezing of €807,000. (Source)
  • Man released on bail: A man suspected of money laundering was released on bail, while another was remanded in custody last Tuesday. (Source)

International Cooperation

  • Singapore court jails Cypriot national: Singaporean courts jailed a Cypriot national in a major money laundering investigation. (Source)
  • Cooperation between Cyprus and FBI: A memorandum of cooperation was signed between Cyprus’ police and the US Federal Bureau of Investigation (FBI). (Source)

Political Pressure and Ongoing Investigations

  • Calls for resignations and investigations: Political pressure has mounted on the Cypriot government to tackle the ongoing monk scandal and allegations of money laundering, tax evasion, and criminal offenses. (Source)

Recent Arrests and Seizures

The anti-money laundering unit (Mokas) has seized €10 million and various assets, such as luxury vehicles, properties, and cryptocurrencies, in relation to money laundering cases over the past two years. (Source)

As Cyprus moves to address its reputation as a hub for money laundering and sanctions evasion, these developments mark important steps towards strengthening its financial oversight and regulatory framework.