Police have launched an investigation in the wake of the disclosures from the ‘Cyprus Confidential‘ journalistic expose implicating professional service providers on the island with the illicit hiding of money for autocratic regimes.
According to philenews, President Christodoulides issued directives for the police to scrutinise the findings brought to light by the International Consortium of Investigative Journalists (ICIJ) on Tuesday.
Government Spokesperson Constantinos Letymbiotis confirmed that the Cabinet has reviewed the expose and stated that where a credible basis is identified by the police, processes will be set in motion to investigate potential criminal offences.
Simultaneously, emphasis has been placed on prioritising the examination of cases currently under investigation by the police and referenced in the ongoing inquiry, he added.
Reports from philenews indicate that cases involving sanctioned Russians, with the involvement of Cypriot lawyers or audit firms, are already under investigation by authorities.
In response to the matter, Chief of Police Stelios Papatheodorou has issued instructions to examine each case mentioned in the investigation, cross-referencing them with those already under scrutiny.
Coordination with the Law Office of the Republic is also underway, philenews writes, with a collaborative examination of emerging details expected in conjunction with the Unit for Combating Money Laundering (MOKAS).
The revelation unveils webs connecting Cyprus to entities associated with Syria’s authoritarian rulers, who sought to evade U.S. sanctions through intermediaries on the island, and Kremlin affiliates orchestrating payments to a prominent German journalist known for producing favourable coverage of Russia’s autocratic leader.
The report also demonstrates how PWC’s Cypriot branch facilitated Russian oligarchs in evading Western sanctions, turning Cyprus into a clandestine financial hotspot.
Read more:
