Cyprus is ramping up its fight against money laundering by improving cooperation among agencies and proposing new laws, including a €10,000 limit on cash transactions, to align with upcoming European regulations. Recent cases, particularly involving a Ukrainian woman accused of laundering €8 million, highlight the urgent need for action and vigilance in protecting the country’s financial integrity.
A massive financial fraud operation in Cyprus, involving 430 front companies across Greece, Cyprus, and Slovakia, has led to the arrest of 21 individuals and the exposure of €26 million in tax fraud. This intricate scheme, utilizing carousel fraud tactics and employing unemployed individuals as front figures, underscores the ongoing battle against money laundering in Europe.
Cyprus is launching an extensive investigation into money laundering allegations at its entry points, led by Finance Minister Makis Keravnos, who emphasizes the need for improved customs controls and coordination with antimoney laundering units. Amid concerns raised by Akel MP Christos Christofides about possible gaps in oversight, the Finance Ministry is committed to enhancing transparency and compliance with EU standards to protect the nation’s financial integrity.
The 63yearold former police officer in Limassol is facing charges related to running a pyramid scheme through Metamax, promising investors high returns in cryptocurrencies. The alleged scheme spanned multiple Cypriot towns, resulting in losses of €150,000 for 55 individuals and has left the community reeling from the betrayal of trust, as investigations continue to unfold.
Cyprus has expanded the authority of its Insolvency Department to combat money laundering, taking on asset management duties to preserve the value of seized assets and ensure effective liquidation. With support from the European TSI 2024 program and the Council of Europe, this initiative enhances international cooperation and aligns Cyprus with global standards in the fight against financial crime.
CySEC and Latvijas Banka united in a strategic meeting to tackle financial crimes, focusing on antimoney laundering and terrorism financing strategies. The collaboration aims to strengthen crossborder regulatory cooperation within the EU and enhance the effectiveness of AML/CFT measures to safeguard investors’ interests and maintain market integrity.
Corruption in Northern Cyprus is a serious issue, with a corruption perception score of 27 out of 100, indicating rampant corruption. A study revealed that 93% of business executives acknowledge corruption, and 80% view it as a very serious problem, highlighting an increasing tolerance for corrupt practices within the community.
In Larnaca, Cyprus, a Ukrainian suspect in a money laundering case has secured bail under strict conditions, including a €30,000 bail, surrendering travel documents, and thriceweekly police checkins. The case unfolded after a robbery report implicated the suspect, shining a light on Cyprus’s efforts to strengthen its antimoney laundering regulations.
In Singapore’s largest money laundering investigation, a Cypriot passport holder, Su Haijin, was sentenced to 14 months in jail for laundering around $2.2 billion, including illegal possession of S$2.4 million from unlawful activities. The crackdown on financial crimes underscores the nation’s commitment to combat money laundering and maintain the integrity of its financial system.
The surge in cash flows to Cyprus, with over €101.6 million entering but €90 million unchallenged legally, has prompted concerns over potential money laundering, leading the House ethics committee to intensify scrutiny on the origins of these funds. Authorities are focusing on real estate transactions as a primary destination for these substantial cash amounts, aiming to uphold Cyprus’s financial integrity and combat financial crimes.
