The island’s Unit for Combating Money Laundering (MOKAS) last year confiscated property, luxury cars and highly expensive watches in addition to freezing millions in bank accounts.
This is what Philenews reported on Sunday citing insiders.
MOKAS is the national center for receiving, requesting, analyzing and disseminating disclosures of suspicious transactions reports and other relevant information concerning suspected money laundering and terrorist financing.
And, specifically last year, it froze a sum of money worth over €7 million and confiscated two properties, 19 vehicles and numerous luxury watches.
Both the freezing of money and confiscation of property and other valuables took place after the issuance of relevant decrees.
In particular, the seizure of property takes place when criminal proceedings against a person for committing a criminal offense or money laundering offense have begun and are ongoing or are about to be initiated within the Cyprus Republic.
It is also carried out when the Unit receives information based on which there is a reasonable suspicion that a person is likely to be accused or has been accused of committing an offense of money laundering in Cyprus or in a member state of the European Union or in a third country.