financial crimes

fraud financial crimes

Man Arrested for Operating Pyramid Scheme

A 54yearold man was arrested in Limassol for operating a pyramid scheme, facing charges of conspiracy to commit a felony, obtaining money under false pretenses, and money laundering. The arrest unfolded late Friday night, shaking the quiet streets of Limassol, as authorities cracked down on the fraudulent scheme that had left victims across multiple districts in financial ruin.

international cooperation law enforcement

Strengthening International Law Enforcement Cooperation

This historic agreement between Cyprus Police and the FBI symbolizes a significant advancement in international law enforcement collaboration against financial crimes. Through shared intelligence and advanced investigative techniques, Cyprus aims to strengthen its efforts in combating money laundering, corruption, and sanctions violations, solidifying its commitment to law enforcement excellence and financial transparency on a global scale.

foreign relations geopolitical compass

Our View: Making a choice between East and West was 60 years overdue

Cyprus’ decision to increase cooperation with the United States, particularly in countering money laundering and sanctions violations, marks a historic shift from its Sovietaligned past to a Western orientation. This move, highlighted by a memorandum of understanding with the FBI, signifies Cyprus’ commitment to transparency, adherence to Western values, and a new chapter in its global geopolitical stance.

financial crimes international cooperation

Mixed Reaction to US-Cyprus Cooperation on Sanctions Evasion

The USCyprus partnership signals a crucial step in cracking down on financial crimes like money laundering and sanctions evasion. Cyprus aims to shed its tainted reputation as a destination for illicit funds by enhancing its judicial and law enforcement capabilities with US assistance, despite challenges in enforcing new regulations and facing internal resistance.

anti-money laundering financial crimes

Anti-money laundering swoops seize millions in assets

Mokas’ antimoney laundering operations have resulted in the confiscation of assets worth €10 million, including luxury vehicles, properties, and cryptocurrencies. This crackdown emphasizes the importance of combatting financial crimes for economic stability and international security, with cooperation between local courts, banks, and international entities strengthening the global fight against illicit financial activities.

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