Authorities seized assets worth €63.2 million in 2024 as part of a significant money laundering crackdown, a remarkable increase from approximately €1 million in 2023, according to the latest data from the anti-money laundering unit.
- Following successful prosecutions, confiscation orders transferring ownership of frozen assets to the state totalled €372,695 for domestic cases and £17,993 for foreign requests.
- A new European Anti-Money Laundering Authority (AMLA) will be established to oversee the coordination of national agencies, ensuring consistent implementation of these rules.
Money laundering: Domestic and International Efforts Yield Results
The Unit for Combating Money Laundering (MOKAS), operating under the Attorney General’s office, played a crucial role in these operations. This year, MOKAS froze €8.5 million linked to domestic criminal investigations, while €54.7 million was restrained following requests from foreign jurisdictions.
Targeted Actions Against Luxury Assets
In a concerted effort to combat organised crime, authorities executed court orders resulting in the seizure of €1.91 million in cash, alongside $6,163. They also confiscated 25 properties valued at €5.075 million and 30 motor vehicles worth €430,000. Additional seizures included a boat valued at €9,500, 119 jewellery items worth approximately €1 million, and various luxury goods.
Increased Requests Highlight Growing Collaboration
In 2024, police requests to MOKAS surged by 36%, resulting in 129 cases, while requests from the customs department skyrocketed by 90%, reaching 38 cases. This surge reflects a growing collaboration among different law enforcement agencies.
International Cooperation Leads to Major Asset Restraints
Significant asset restraints were achieved through international judicial cooperation, totalling €54.7 million. Foreign court orders registered in Cyprus facilitated the seizure of €2.44 million, $4.75 million, and £1,360 in various currencies, alongside 14 properties valued at €6.63 million and six vehicles worth €660,000. Notably, authorities froze an investment portfolio worth $45 million, representing the largest single asset seizure recorded during this period.
Permanent Confiscation of Assets
Following successful prosecutions, confiscation orders transferring ownership of frozen assets to the state totalled €372,695 for domestic cases and £17,993 for foreign requests.
New EU Regulations Set to Impact the Financial Landscape
The landscape of anti-money laundering efforts is set to change further with new European Union regulations coming into effect in 2027. These regulations will extend compliance requirements to cryptocurrency providers, professional football clubs and agents, crowdfunding intermediaries, and investment migration service providers. The EU package aims to strengthen due diligence requirements, beneficial ownership regulations, and will impose a €10,000 cash payment limit across the Union territory.
A new European Anti-Money Laundering Authority (AMLA) will be established to oversee the coordination of national agencies, ensuring consistent implementation of these rules.