investigation

Parliament misled over 2019 tax legislation, audit office reveals

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Parliament misled over 2019 tax legislation, audit office reveals

The Audit Office has requested a disciplinary investigation from the Ministry of Finance due to misleading statements made by ministry officials to Parliament regarding a 2019 bill proposal by DISY for deferred taxation. The report reveals that a specific banking institution benefited from the legislation, causing significant revenue loss to the state. The Tax Department’s 2022 report highlights that Parliament received incorrect information from the Ministry of Finance officials, resulting in the state losing millions in revenue. The Audit Office believes that Parliament was not adequately informed and was misled about the financial impact of amending the main law. Additionally, the report mentions implications such as converting accumulated losses into credits amounting to €417 million for bank “A” and a guarantee fee payment of approximately €6.25 million to the state. The Tax Commissioner had informed Parliament that no revenue losses were expected, and the Ministry of Finance spokesperson stated that the proposed regulations would have no fiscal impact. The Audit Office has called for an administrative investigation to determine responsible officials and conduct a disciplinary investigation for negligence.

Greek top court orders charges against far-right MPs for deceiving voters

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Greek top court orders charges against far-right MPs for deceiving voters

Greece’s Supreme Court prosecutor has recommended charges against 11 far-right lawmakers for deceiving voters in the June 2023 national election by taking guidance from a jailed politician. If the lawmakers’ election is annulled, their seats could be distributed to other parties in the parliament. The real leader of the Spartans party was found to be Ilias Kasidiaris, not the official leader Vassilios Stigas. Kasidiaris is expected to be charged, but he denies any wrongdoing. The case could impact the party ahead of the European Parliament elections in June.

Law Office advances prosecution in largest ‘golden passports’ fraud case

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Law Office advances prosecution in largest ‘golden passports’ fraud case

The Law Office of the Republic has given the go-ahead to begin prosecutorial actions in the largest citizenship services fraud case, along with three additional cases. One of the cases involves a prominent law firm investigated for its role in 20 specific citizenship applications, with implications in over a hundred cases overall. The judiciary is expected to examine all four cases, potentially leading to formal charges against the firm, individual lawyers, and additional staff members. The police have gathered evidence to identify the culprits involved in the offenses. The investigations into the ‘golden passport’ scandal are ongoing, with Police Chief Stelios Papatheodorou hinting at imminent advancements in resolving the cases.

AG briefed over monks, ’ cash and sex scandal

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AG briefed over monks, ’ cash and sex scandal

Attorney General George Savvides was briefed on an ongoing investigation into a cash scandal involving monks at the monastery of Saint Avvakoum. Monks were allegedly found in possession of €800,000 in cash and were also discovered to own property in Greece and Limassol. The investigation includes allegations of money laundering and obtaining money with false representations. The police are working to identify whether felonies have been committed and initial findings were presented to the Attorney General. The monastery has faced criticism for allegedly receiving donations through fake “miracles” and promises to people suffering from diseases. The monks have vehemently denied the accusations, claiming there has been no financial mismanagement. The monastery has also been accused of engaging in sexual acts on CCTV footage, with one monk reported for sexual harassment. The scandals have raised concerns about potential money laundering through church donations.

Warehouse flood ruins , €880,000 worth of medicines

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Warehouse flood ruins , €880,000 worth of medicines

– Government officials estimated the damage to medicines in the flooded warehouse at €880,000.

Cypriot national jailed in Singapore in $2.2 billion money laundering case

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Cypriot national jailed in Singapore in $2.2 billion money laundering case

A Singapore court jailed a defendant named Su Haijin for resisting arrest and money laundering charges, sentencing him to 14 months in prison. The case is part of a major money laundering probe that has resulted in the seizure or freezing of .2 billion of assets, including cars, luxury properties, cash, and jewellery. Su, a Cypriot national, was one of 10 foreigners arrested in Singapore last year. The investigation has led to the establishment of an inter-ministerial panel to review anti-money laundering measures and inspect financial institutions suspected of involvement.

Church runs illegal lottery to fund unpermitted monastery construction

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Church runs illegal lottery to fund unpermitted monastery construction

The Church of Panagia Ayia Napa conducted an unlicensed raffle to raise funds for an illegally built monastery in a protected area. The Ministry of Finance considers this a serious offense and plans to demand an immediate halt to the raffle, as well as forward a report to the police for investigation. The raffle tickets also included a section for collecting donations, but the Church clarified that the funds were for general charitable purposes, not specifically for the controversial monastery project. Environmental groups have condemned the Church’s actions, questioning the legitimacy of the raffle and criticizing the promotion of an unlawful construction project.

Cash flows to Cyprus increase, amid money laundering fears

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Cash flows to Cyprus increase, amid money laundering fears

– €90 million out of €101.6 million declared in cash transactions have no prosecutions before court.
– Most cash declarations at airport customs offices are for the purchase of real estate.
– In the beginning of 2023, 25% of entities were designated as high risk for money laundering, terrorist funding, and tax avoidance.
– There is currently no limit on the amount of cash someone can use to purchase something in Cyprus, as long as purchases over €10,000 are declared to the tax commissioner.