money

‘Govt not taking oversight authority seriously at all’

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‘Govt not taking oversight authority seriously at all’

The Cyprus Bar Association criticized the government for its approach to establishing an oversight authority, accusing it of lacking seriousness. This criticism followed a presentation at the finance ministry about the oversight authority, which was approved by the cabinet last month to address sanctions and the country’s reputation regarding money laundering. The Bar Association pointed out legal issues with the framework and accused the finance ministry of not properly evaluating and presenting important matters, leading to serious weaknesses in implementing the decision. Stakeholders such as the accountant’s association, anti-money laundering unit, fiduciary association, and Securities and Exchange Commission were present at the presentation. The Bar Association also claimed that the finance ministry sent stakeholders the wrong document regarding the plans for the new authority and disagreed with the existing framework. It was clarified that CySEC would not oversee 50 of the biggest service industry firms or high-risk companies as previously thought. The Finance Minister had stated that the authority would be led by CySEC and conduct checks with the Bar Association and the accountant’s association. The Bar Association has called for the president and cabinet to reconsider their decisions and has expressed concerns about CySEC’s involvement breaching client confidentiality.

Secretarial allowances row could be referred to anti-corruption authority

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Secretarial allowances row could be referred to anti-corruption authority

Auditor-General Odysseas Michaelides criticized the finance minister’s stance on secretarial allowances as “unacceptable” and threatened to refer the case to the anti-corruption authority if overpayments continue. The controversy started when it was discovered that former presidents and House speakers were receiving state funds for secretaries after retirement, legally, but were paying the secretaries less than the allocated amount and keeping the difference. An audit named former presidents George Vassiliou and Nicos Anastasiades, and former House speakers Yiannakis Omirou, Marios Garoyian, and Demetris Syllouris as allegedly engaging in this practice. Finance Minister Makis Keravnos stated that these former officials did not have to return the money. Michaelides announced a new probe into the matter scheduled for May 2.

Monastery sought , €3m fundraiser, ignored govt reminders

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Monastery sought , €3m fundraiser, ignored govt reminders

The Osiou Avakoum monastery applied for a €3 million fundraiser to the interior ministry in 2020 but failed to submit the necessary financial statements afterwards. The application for the fundraiser, intended for the expansion of the monastery, was approved by the Tamassos Bishopric. The monastery is currently embroiled in scandals involving financial crimes, sexual harassment, and abuse, with investigations being conducted by the police and the anti-money laundering unit. A safe box containing €800,000 was found at the monastery, and the cash was transferred to the Tamassos Bishopric under police supervision. No arrests have been made in connection with these issues. The interior ministry expected a financial statement from the monastery after approving its fundraising application in 2021 but did not receive any despite sending eight reminders. A subsequent fundraising request from the monastery in 2023 was not approved, even though it provided bank statements showing €85,000 transfers from the previous fundraiser. The ministry plans to re-examine the case in light of these revelations, and MPs have called for a thorough investigation into money laundering within the church. Two investigators have been appointed by the attorney-general to examine allegations involving police officers’ presence at the monastery without senior officers’ knowledge or orders.

President helps CBC to promote financial literacy [video]

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President helps CBC to promote financial literacy [video]

The Central Bank of Cyprus (CBC) has created educational videos as part of the Global Money Week 2024 campaign to promote financial literacy, especially among the youth. These videos were made with contributions from President Nikos Christodoulides and the Governor of the Central Bank of Cyprus, Constantinos Herodotou. The theme for 2024 is “Protect Your Money, Secure Your Future,” focusing on safe money management and the importance of a responsible and informed approach. In one video, President Christodoulides discusses rising product prices, inflation measures, and the importance of understanding basic financial concepts. The videos are available on the CBC website, YouTube channel, and LinkedIn page.

Former officials can keep pocketing extra allowances, ministry says

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Former officials can keep pocketing extra allowances, ministry says

Former state officials in Cyprus, named by Auditor-general Odysseas Michaelides, including former presidents George Vassiliou and Nicos Anastasiades, and former House speakers Yiannakis Omirou, Marios Garoyian, and Demetris Syllouris, were investigated for allegedly misusing secretarial allowances. The finance ministry stated that these officials do not have to return the allowances as they are legally entitled to them, either to employ a civil servant or hire someone personally for the role. The allowance is set at €39,089 per year. The audit revealed discrepancies in how the funds were used, with some officials not employing a secretary as claimed or pocketing the difference. Specific findings include Vassiliou receiving a total of €709,352 from 2004 to December 2023, with allegations of employing a secretary through a company owned by his family. Anastasiades received €20,396 in 2023, with recommendations to return €11,314 due to overpayment. Omirou, Garoyian, and Syllouris were also found to have discrepancies in their allowance usage, with recommendations for refunds to the state.

Russia warns Western banks of catastrophic consequences over asset confiscation

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Russia warns Western banks of catastrophic consequences over asset confiscation

The Kremlin warned of “catastrophic consequences” if the EU proceeds with plans to confiscate Russian assets. Western banks are lobbying against EU proposals to redistribute billions of euros in interest earned on frozen Russian assets due to fears of costly litigation. EU leaders agreed to work on a plan to use up to 3 billion euros a year to supply arms to Ukraine, funded by the interest from these frozen assets. Kremlin spokesman Dmitry Peskov stated that the assets belong to their owners and warned of serious consequences for banks and the European economy if such expropriations occur.

Lidl unveils long-term strategy for sustainability in Cyprus

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Lidl unveils long-term strategy for sustainability in Cyprus

Lidl Cyprus hosted an event at the Lidl Food Academy in Nicosia on March 21, 2024, focusing on its vision for a sustainable future. The event was attended by the Minister of Energy, Trade and Industry, Giorgos Papanastasiou, among other representatives, partners, and media members. Martin Brandenburger, the Board Chairman of Lidl Cyprus, announced the company’s strategic plan for the development and sustainability of the Cypriot economy, society, and environment. The plan includes opening new stores and investing over 30 million euros in the store and warehouse network over the next three years. A socio-economic impact report for the financial year 2022-2023 was presented, highlighting the company’s contributions to the economy and society. Lidl Cyprus has implemented a permanent price reduction policy of up to 37% on over 380 private label products and was recognized as the “No.1 company in Cyprus with the best value for money for the year 2023/2024” at the Best Buy Awards. The company’s sustainability strategy and its support for the local community were also discussed. Vasiliki Adamidou, Director of Communication and Corporate Responsibility, emphasized Lidl Cyprus’s commitment to sustainability and corporate social responsibility. Lidl Cyprus has been active in Cyprus for almost 15 years, focusing on creating a better future for people and the planet.

Western banks warn of risks in EU plan to grab Russian assets, sources say

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Western banks warn of risks in EU plan to grab Russian assets, sources say

Western banks are lobbying against EU proposals to redistribute billions of euros in interest earned on frozen Russian assets due to fears of costly litigation. EU leaders have agreed to work on a plan to use up to 3 billion euros a year to supply arms to Ukraine, funded by the interest from these assets. Banks are concerned about potential liability from Russia, the erosion of trust in the western banking system, and the legal implications of transferring money to Ukraine. Euroclear holds 190 billion euros of Russian central bank securities and cash, and more than 3.5 million Russians have frozen assets abroad worth around 1.5 trillion roubles. The EU plan includes paying a fee to Euroclear and allowing it to retain 10% of the profits as a safeguard against litigation. Ninety percent of the seized cash would be used to buy arms for Ukraine, with the rest for recovery and reconstruction. The proposal has raised concerns about the legal risks for banks and the potential for prolonged international legal disputes.

Police increase patrols for public holiday weekend

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Police increase patrols for public holiday weekend

The police announced they will increase patrols during the long weekend due to Monday’s public holiday, aiming to prevent road collisions, ease traffic, and assist road users. They plan to intensify motorized control and increase police presence on highways and main roads leading to coasts and mountains, with a special focus on offenses like speeding, dangerous overtaking, driving under the influence, and failure to wear seat belts or helmets. The weekend is also considered high risk for break-ins and thefts, prompting additional measures for crime prevention, including increased patrols in towns and villages. The police advised the public to take precautions to protect their homes and belongings, suggesting cooperation with trusted neighbors, securing homes, and being cautious with personal items in public spaces.

Three arrested for Ayia Napa hotel armed robbery

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Three arrested for Ayia Napa hotel armed robbery

Police arrested three men aged 25, 23, and 22 for an armed robbery in an Ayia Napa hotel, where they are accused of conspiracy to commit a felony, robbery, and common assault. The arrests followed reports of three people being attacked with bats by a group of around 12 people in a hotel room, during which money was stolen. The police investigation is ongoing.