money laundering

CySEC welcomes report on money laundering progress

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CySEC welcomes report on money laundering progress

The Cyprus Securities and Exchange Commission (CySEC) welcomed the findings of a Moneyval report regarding progress made in addressing money laundering and terrorism financing. Moneyval is the Council of Europe’s committee of experts on evaluating anti-money laundering measures and the financing of terrorism. The report recognized Cyprus’s improved compliance with the Financial Action Task Force’s (FATF) regulations on new technologies and noted progress in enhancing compliance with non-profit organizations. Since November 2022, Cyprus has bolstered its regime for virtual asset service providers, with only a few minor deficiencies remaining, according to the report.

Monks called to appear before investigative committee

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Monks called to appear before investigative committee

Two embroiled monks have been called to appear before the church investigative committee in relation to a monastery scandal.

Four remanded in Limassol for suspected drug trafficking

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Four remanded in Limassol for suspected drug trafficking

Four people in Limassol were remanded for seven days on suspicion of drug trafficking. The suspects included three men aged 21, 19, and 22, as well as a 20-year-old woman.

When appearances can be deceiving

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When appearances can be deceiving

The Republic of Cyprus received positive feedback for its efforts to combat money laundering, aligning with recommendations from the Council of Europe’s Moneyval Committee. However, experts point out that the country still struggles to effectively address money laundering, with a lack of convictions for white-collar crimes. A recent incident involving a Ukrainian woman bringing in millions of euros highlights the system’s weaknesses. Despite progress, Cyprus faces significant challenges in tackling money laundering.

‘No room for compromise’ in finding truth over Avakoum scandal

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‘No room for compromise’ in finding truth over Avakoum scandal

Fact: The court case over the Osiou Avakoum monastery scandal has been postponed until May 30 after the two monks involved filed an appeal to recover the €807,000 taken from them during the investigation.

Moneyval reports improvements in money laundering measures

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Moneyval reports improvements in money laundering measures

Cyprus has welcomed a Moneyval report that acknowledged improvements in tackling money laundering and terrorism financing, but also identified existing shortcomings.

US lawmakers table bill to extend lifting of Cyprus arms embargo

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US lawmakers table bill to extend lifting of Cyprus arms embargo

Fact: A group of United States congressmen tabled a bill to extend the waiver renewal period for the country’s arms embargo on Cyprus from one year to five years.

Financial forecast by Innovate Change Casino: Navigating post-Malta gaming license shakeup

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Financial forecast by Innovate Change Casino: Navigating post-Malta gaming license shakeup

Fact: Innovate Change Casino and similar entities are facing increased operational costs due to the need to comply with enhanced regulatory standards, which include technology upgrades, compliance and legal advisory services, staff training, licensing and certification fees, and operational adjustments.

Increasing tolerance of corruption in the north

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Increasing tolerance of corruption in the north

Fact: Turkish Cypriots held a protest against corruption, demanding accountability for those responsible for corruption in the northern part of Cyprus.

More than ten organised crime groups operating in Cyprus, Interpol says, pointing to rising period of criminality

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More than ten organised crime groups operating in Cyprus, Interpol says, pointing to rising period of criminality

A global investigation over the past four years points to Cyprus as a hub for criminal organizations involved in drug trafficking, smuggling tobacco products, extortion, illegal betting, and fixing football matches. The report, based on Interpol data, highlights a rise in extreme criminality in Cyprus, with recent assassinations, arson attacks, bombings, and underworld killings. Criminal organizations in Cyprus are mostly foreign and involved in crimes against property, money laundering, drug trafficking, and bribing public officials. In 2024, there were 55 arsons and bomb attacks reported in 101 days.