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Money Laundering Law in Cyprus

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Summary

The money laundering law in Cyprus defines money laundering as an offense committed by converting, transferring, or removing property derived from predicate offenses (e.g., crimes punishable with imprisonment exceeding one year) for the purpose of concealing its illicit origin.

Key Points

Predicate Offenses

• Crimes punishable with imprisonment exceeding one year.
• Financing terrorism offenses.

Proceeds

• Payments made to the accused or others in connection with predicate offenses are deemed proceeds of the crime, regardless of who committed it.

Confiscation Orders

• A court may make a confiscation order if an inquiry determines that the accused acquired proceeds from a predicate offense.

Questions and Answers

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