Featured Cyprus

On Heels of Ukraine Election, Money Laundering Probes for Poroshenko’s Allies

Ukraine’s top prosecutor has formally summoned several allies of the nation’s outgoing President Petro Poroshenko over allegations of embezzlement and money laundering, the Kyiv Post reported Monday. The five suspects include Valeria Gontareva, the former head of the National Bank of Ukraine, and Kostyantyn Stesenko, an executive with the investment bank… Read More

US official lauds Cyprus’ anti-money laundering efforts

AP — A senior U.S. Treasury Department official says Cyprus has done “outstanding” work to curtail money laundering. Treasury Department Assistant Secretary Marshall Billingslea says Cyprus has made “enormous progress and improvements” in its legal framework as well as in law enforcement. Billingslea said after talks with Cyprus Finance Minister… Read More

Council of Europe Urges Swift Action on Money Laundering, Citing Baltics and UK

European lawmakers are urging financial institutions and governments to address dozens of legal and supervisory shortcomings they say contributed to the proliferation of massive money laundering schemes in recent years. In a resolution adopted Thursday, the Council of Europe’s Parliamentary Assembly said that recent money laundering schemes linked to… Read More
14th February 2019
AP — Cyprus has strengthened the eligibility rules for a lucrative “golden passport” program that grants the document to wealthy foreign investors, ruling out applicants who already were turned down by another European Union country with a similar policy, a government official said Wednesday. The EU… Read More
7th February 2019
Estonia’s push to become a digital society has left it vulnerable to dirty money and sanction breaches, the country’s top banking regulator has warned. The Baltic state took centre stage in one of the largest-ever money laundering scandals last year – the Estonian branch of Danske Bank helped funnel money… Read More
27th April 2018
PrivatBank in Ukraine has filed a lawsuit against PricewaterhouseCoopers (PwC) in Cyprus and Ukraine, seeking $3 billion in compensation for damages it says it suffered as a result of the auditor’s ‘extensive breaches of duties,’ including failure to identify fraud. The legal action pertains to PwC’s auditing of PrivatBank’s… Read More
21st March 2018
A Russian whistleblower linked to the murdered Maltese anti-corruption blogger Daphne Caruana Galizia has handed herself in to Greek police. Former bank employee Maria Efimova left Malta for Greece last August and is now at an Athens police station. Caruana Galizia named her as a source when she alleged that… Read More
27th December 2017
Special Counsel Robert Mueller’s investigation into links between US President Donald Trump’s campaign and Russian influence has led the FBI to probe a closed Cypriot bank used by wealthy Russians and accused by the US of money laundering. That was the claim made by the British newspaper The Guardian which… Read More
1st December 2017
By Elias Hazou Parliament will soon be voting on a bill banning cash transactions of €10,000 and over. Once passed, the law would make any cash-based transactions over €10,000 a criminal act, with fines of up to 10 per cent of the value of the transaction. Simply stated, a… Read More
1st November 2017
One of the shell companies that Paul Manafort allegedly used to launder money was the subject of an arbitration claim the former Trump campaign manager brought, according to a document obtained by MarketWatch. In 2012, Manafort filed an arbitration claim against Ameriprise Financial Services — which he lost — over… Read More
30th October 2017
EU Observer MEPs have urged Cypriot president Nicos Anastasiades to “correct” the mishandling of a Russia corruption case. The 17 deputies voiced “grave concern” in a letter to Nicosia on Friday (26 October) that Cyprus was “actively assisting” Russia in “politically-motivated proceedings” against Bill Browder, a British human rights campaigner. Read More
16th May 2017
Prevezon Holdings Limited, a Cyprus-based company, agreed on Friday to pay US$5,896,333.65 to the US Treasury to settle a money laundering and civil forfeiture action uncovered by the deceased Russian lawyer Sergei Magnistsky. Sergei Magnitsky Prevezon Holdings, owned by Russian businessman Denis Katsyv, and its subsidiaries were prosecuted in New York for laundering some of the US$230 million stolen by an… Read More
13th April 2017
On the same day Paul Manafort stepped down as the campaign chairman for Donald Trump’s White House run last August, he formed a shell corporation and took out loans worth $13 million from Trump-connected businesses, according to a New York Times report on Wednesday. It’s the newest revelation… Read More