NewsLocalBar Association fines four law firms for breach of money laundering rules

Bar Association fines four law firms for breach of money laundering rules

The Cyprus Bar Association has imposed fines ranging from €8,000 to €79,000 to four law firms in Cyprus for breaching numerous rules including that on money laundering.

Head of the Association Christos Clerides also told Phileleftheros the fines were imposed after investigations were carried out by the committee appointed by the board under the Law on Preventing and Combating Money Laundering.

And that more such cases sparked by the island’s citizenship through investment programme are under investigation as well.

The heavy fine of €79,000 was imposed on a law firm involved in a significant number of naturalizations of foreign investors and entrepreneurs.

The firm was suspected of a total of 45 allegations concerning, inter alia, the failure to implement adequate and appropriate systems for assessing and managing customer risk and / or customer categorization in order to effectively address and prevent the risk of attempting or attempting to commit money laundering offenses and illegal financial activities.

of terrorism in violation of the Articles of the Directive of the Pancyprian Bar Association to its Members for the procedures of Preventing and Combating Money Laundering from Illegal and Terrorist Activities.

 

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