Finnish MEP Eero Heinäluoma has urged for a comprehensive investigation into the purported involvement of auditing firm PwC in the attempts by oligarchs to evade EU sanctions.
The call comes ahead of the scheduled debate in the Plenary on the findings of the ‘Cyprus Confidential’ investigation conducted by the International Consortium of Investigative Journalists (ICIJ).
In a written statement issued in anticipation of the upcoming debate, set to take place during Wednesday’s plenary session in Strasbourg, Heinäluoma (S&D, Finland), who serves as the European Parliament’s negotiator on EU anti-money laundering legislation, highlighted that, in response to a request by the Socialists & Democrats group, MEPs will deliberate on “the latest money laundering scandal in Europe.”
The MEP noted the significance of millions of leaked documents that reveal the complicity of accountants, bankers, auditors, and lawyers in Cyprus in assisting Russian oligarchs in circumventing EU sanctions. He underscored the urgent need for more robust anti-money laundering regulations in Europe to ensure the effective enforcement of sanctions.
“We are presently negotiating an agreement aimed at curbing the evasion of sanctions by oligarchs and their facilitators. This deal must be finalised by the year’s end,” he added.
Furthermore, Heinäluoma called for a thorough investigation into the alleged role of the auditing giant PwC in aiding Russian oligarchs in evading EU sanctions.
The Cyprus Confidential investigation exposes how Cyprus-based financial services firms have enabled autocratic oligarchs such as Syria’s Bashar Al-Assad and the Russian elite — including President Vladimir Putin’s inner circle — to shelter their wealth and evade international sanctions.
Against the backdrop of Russia’s invasion of Ukraine in 2022, the revelations demonstrate how PwC’s Cypriot unit facilitated Russian oligarchs in evading Western sanctions, turning Cyprus into a clandestine financial battleground.
Among others, The investigation details how PwC Cyprus assisted Russian industrialist Alexey Mordashov in transferring a $1.4 billion investment to elude EU sanctions.
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