anti-money laundering

fraud pyramid scheme

Pyramid Scheme Suspect in Custody

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.

money laundering asset management

Strengthening Oversight to Curb Money Laundering

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.

collaboration anti-money laundering

Enhanced Collaboration to Combat Financial Crimes

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 civil unrest

Increasing Tolerance of Corruption in Northern Cyprus

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.

money laundering legal proceedings

Money Laundering Suspect Secures Bail in Larnaca

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.

singapore money laundering

Cypriot Jailed in Singapore for Money Laundering

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.

money laundering customs declarations

Cash Flows to Cyprus Under Scrutiny Amid Laundering Concerns

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.

money laundering scandal

Money Laundering Investigations Over Monk Scandal Underway

The scandal at Osiou Avakoum monastery involves allegations of sexual misconduct and financial impropriety among two monks, with €800,000 in cash found and a video showing potential sexual encounters. The Holy Synod’s investigative committee and police are both conducting inquiries into assault, sexual harassment, and possible money laundering related to church donations, with the scandal continuing to unfold with legal disputes and ongoing investigations.

money laundering sanctions evasion

Call for Money-Laundering Clampdown in North

Cyprus is ramping up efforts to combat money laundering and sanctions evasion with plans to establish an independent oversight body following a call to action by the Cyprus Integrity Forum. The government is collaborating with US authorities, such as the FBI, to enhance antimoney laundering capabilities and prevent illicit financial flows, particularly in the northern part of the island.

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