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.