Two men, aged 27 and 35, were sentenced to 15 and nine years in prison for drug trafficking, drug possession, and money laundering. The 35-year-old’s property worth €48,900 was also seized. The crime took place on July 31, 2023, when 27kgs of cannabis and 12kgs of cocaine were seized during a raid by the Paphos drug squad.
Cypriot authorities are investigating possible breaches of EU sanctions on Russian billionaires related to the war in Ukraine. Investigators are looking into cases involving high-profile individuals like Alexei Mordashov, who reportedly transferred shares worth €1.4 billion to his wife after the sanctions were imposed. The Attorney General’s office met with investigators to review progress and issue instructions, with potential prosecutions looming. Sources indicate that evidence from foreign countries is being sought to support potential charges, with funds leaving Cyprus before the sanctions were implemented being a focus of the investigation.
Monks Isiais and Timotheos from the Osiou Avakoum monastery testified before a church investigative committee for around two hours each.
Cryptocurrency is a digital currency that operates on a decentralized system through a network of computers called nodes. It relies on blockchain technology and encrypted algorithms for security. There are various types of cryptocurrency, such as Ethereum, Litecoin, Ripple, and Stellar, with fluctuating values. Trading in cryptocurrency can be done directly, through decentralized exchanges, or centralized exchanges. Cryptocurrency taxation varies by country, with earnings from mining or payments being taxable. Cryptocurrencies are typically treated as property for income tax purposes, resulting in potential capital gains taxes. The tax implications of cryptocurrencies are complex and evolving, requiring efficient tracking and verification tools. Regulatory attention is needed for anti-money laundering measures and know-your-customer procedures in the cryptocurrency market. Cryptocurrency is considered property and taxable like shares, with the industry rapidly evolving and becoming more complex.
Two monks from the Osiou Avakoum monastery, archimandrites Nektarios and Porfyrios, along with hieromonk Avakoum Christofis, were under investigation for alleged money laundering and engaging in sexual activity with each other. The monks were initially placed on leave with full pay, but later the decision was changed to withhold their salaries during the investigation. However, on Friday, they received payment for their salaries since March 12, which the lawyers said vindicated their clients. The monks had €807,000 in cash and were captured on camera engaging in sexual activity. Police had access to their bank accounts and other services for further investigation. The monks filed an appeal to have the frozen money returned, claiming that not all facts were presented to secure the freezing orders.
Fact: Monks and their lawyers involved in the Avvakoum monastery scandal filed a memo to the church investigative committee arguing that the process being followed by the church was unlawful.
Malta’s attorney general has filed charges of fraud and misappropriation of funds against Central Bank of Malta Governor Edward Scicluna and Deputy Prime Minister Chris Fearne in connection with a hospital privatisation scandal from 2015. Former Prime Minister Joseph Muscat, his chief of staff, and a former health minister also face serious corruption charges related to the scandal. The deal, valued at 4 billion euros, was annulled by Malta’s highest court in February due to fraud. Fearne has denied the charges, while Scicluna has not commented on the accusations. Muscat, Schembri, and Mizzi deny charges of money laundering, corruption, bribery, and more. Muscat resigned in 2020 after a close friendship with businessman Yorgen Fenech was revealed. Prime Minister Abela has defended Fearne’s integrity but has not confirmed plans to nominate him as Malta’s next European Commissioner. No date has been set for the formal court arraignments.
A team from the Financial Action Task Force held meetings with Turkish authorities to assess Turkey’s progress in curbing money laundering and terrorist financing concerns. The team’s report will form the basis of the FATF’s decision at a June 28 plenary, which Finance Minister Mehmet Simsek has signaled will mark Turkey’s departure from the grey list of countries under special scrutiny.
Jose Raul Mulino won the presidential election in Panama, replacing his former boss Ricardo Martinelli on the ballot. Mulino’s pro-investment and pro-business government plans to prioritize unity and addressing economic issues. He faces the challenge of mending social divisions and restoring faith in the government. Mulino plans to focus on infrastructure investment, higher minimum wage, and job creation. The new government will also need to address issues like corruption, public debt, and the closure of a major copper mine. Mulino will take office on July 1 for a five-year term.
Cyprus has improved its measures for tackling money laundering and combating financing of terrorism, according to the latest Moneyval report. The Securities and Exchange Commission (CySEC) sees this as a ‘vote of confidence’ in financial regulation, especially for cryptos. The report found Cyprus to have improved its compliance with the Financial Action Task Force’s Recommendations, particularly in relation to Crypto-Asset Services Providers. Moneyval also noted progress towards improving compliance with non-profit organizations. Cyprus has made progress in addressing technical compliance shortcomings and is expected to report back to Moneyval in May 2025 on further progress. The country has achieved compliance or large compliance on 37 out of the 40 FATF Recommendations. CySEC has implemented significant measures to assess and reduce risks in the field of crypto-assets and improve compliance among providers. The publication of the report follows legislative changes to align AML/CFT laws with Moneyval and FATF standards.