Financial Crime World

Cyprus: A Hub for Financial Crimes, Experts Say

Financial crimes have become an increasingly prevalent issue in Cyprus, with experts warning that the island nation’s financial services sector is vulnerable to various types of fraud and regulatory violations.

The Problem of Financial Crime in Cyprus

  • Banks, financial services companies, investment firms, forex brokers, and dealers are among those who may be found liable for financial losses resulting from negligent or fraudulent wrongdoing and regulatory breaches.
  • These wrongdoers can include entities or individuals authorized to offer financial services to the public.

A team of experts at AGPLAW, a leading law firm in Cyprus and the UK, has extensive experience in handling financial crime and forex scam cases. The firm’s regulatory advisory team works closely with its litigation teams in Cyprus and the UK to provide legal services to victims of financial crime.

Expertise and Experience

  • AGPLAW has the expertise and experience to file financial and technical regulatory claims, as well as detailed reports to regulatory bodies such as the Cyprus Securities and Exchange Commission (CySEC) and the Financial Conduct Authority (FCA) of the UK.
  • The firm’s lawyers have also worked with law enforcement agencies, including the Police, the Central Bank, and the Cyprus Unit for Combating Money Laundering (MOKAS).

Notable Cases

  • A group action involving 53 claimants who obtained a judgment against a Cypriot investment firm and its foreign shareholder.
  • Represented several major banks in Cyprus, including Bank of Cyprus PLC, Hellenic Bank PLC, and Alpha Bank (Cyprus) Ltd.
  • Successfully represented an individual trader who lost over $1.8 million in FX trading with a world-known FX broker and market maker.
  • Obtained a tracing order and freezing order issued by the Nicosia District Court in connection with a financial fraud committed through violation of internet banking.

How AGPLAW Can Help

For more information on how AGPLAW can help victims of financial crime, contact the firm today.