money laundering

FACT Calls on Congress to Eliminate Wasteful Corporate Tax Break, Supreme Court Issues Landmark Tax Ruling: Just the FACTs 6/25/24

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FACT Calls on Congress to Eliminate Wasteful Corporate Tax Break, Supreme Court Issues Landmark Tax Ruling: Just the FACTs 6/25/24

“Just the FACTs” is a round-up of news stories and information regarding efforts to combat corrupt financial practices, including offshore tax haven abuses, corporate secrecy, and money laundering through the financial system. Send feedback or items for future newsletters to Thomas Georges at tgeorges@thefactcoalition.org Here is the State of Play FACT Calls on Congress to … Read more

How the IRS went soft on billionaires and corporate tax cheats – ICIJ

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How the IRS went soft on billionaires and corporate tax cheats - ICIJ

Michael Welu worked at the IRS for decades as a specialist in helping agents identify and investigate possible tax crimes. In an agency known for offices working in their own silos, Welu had the rare ability to move between divisions, dissecting and learning each office’s particular customs and procedures. But that experience had its own … Read more

Saint Habakkuk monks placed on indefinite suspension

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Saint Habakkuk monks placed on indefinite suspension

Bishop Isaias of Tamassos has indefinitely extended the suspension of Abbot Nectarios and Monk Porphyrios of the Saint Habakkuk monastery due to an ongoing case involving alleged financial improprieties and misconduct. The monks are barred from performing any liturgical acts until a final decision is reached by the Church authorities.

Terrorism court case at critical point

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Terrorism court case at critical point

The complex terrorism case involving 41-year-old Orkhan Asadov, accused of recruiting and organizing criminal activities against Israelis in Nicosia, reached a critical point. The trial within a trial process concluded with final arguments from both sides, and the judicial panel reserved its decision for July 5. The defense attorneys argued that the Police accessed the defendants’ mobile phones unlawfully, while the prosecuting authority defended the legality of the procedures. The case began after Asadov’s arrest in September 2021, and he denies charges related to terrorism, conspiracy to commit murder, and money laundering.

Tightening up of money laundering oversight

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Tightening up of money laundering oversight

Cabinet has given the Insolvency Department the power to take on the duties of the asset management service in order to better handle money laundering cases.

Man admits to cannabis charges in Paphos court

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Man admits to cannabis charges in Paphos court

A 29-year-old man admitted to charges of importing and possession with intent to supply 28 kilograms of cannabis, as well as money laundering from illegal activities. He was arrested at Paphos airport on January 31 after police found the drugs in his bags. The state lab confirmed the seized packages contained cannabis. The man has been in custody since his arrest. The case will resume on June 20, and the court has ordered that he remains in custody until then.

North clamps down on foreigners buying property

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North clamps down on foreigners buying property

The fact described in the text is that the north’s ‘parliament’ passed a law clamping down on foreigners buying property, limiting them to one house or apartment on less than 2,500 square meters of land.

Police seize major weapons cache in Larnaca raid on crime gang

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Police seize major weapons cache in Larnaca raid on crime gang

Cypriot authorities seized a large quantity of weapons during a raid targeting an organised crime group in the Oroklini area. The weapons cache is believed to be linked to a criminal organisation based in Republic of Cyprus-controlled areas. No further details were provided about the types or quantities of weapons confiscated or any potential arrests made during the raid.

Clampdown on foreign property buyers in the north

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Clampdown on foreign property buyers in the north

Fact: The Turkish Cypriot administration is working on legal amendments to limit the number of properties that foreigners can purchase in the northern part of Cyprus.

Ignorance about the movement of illicit money

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Ignorance about the movement of illicit money

The Cypriot State lacks absolute control over private funds and assets transferred to the country, which may be linked to illegal activities. Finance Minister Makis Keravnos recently failed to provide clear information on the amounts of liquid assets carried by travelers using private flights to and from Cyprus, despite being questioned by a Member of Parliament. This issue has been highlighted amidst concerns about money laundering in the country.