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Corruption Authority Set To Release Third Inquiry Report on Tax Department Practices

The Independent Authority Against Corruption is poised to make public its third investigative report, with the Tax Department taking center stage. Recent reliable information confirms that this forthcoming finding highlights significant issues within the Tax Department, as disclosed by the Transparency Commissioner and Head of the Authority, Haris Pogiatjis, during his recent address in the Parliament.

Tax Department Inquiry In Focus

According to verified sources, two of the three reports pertain to complaints raised by MP Christos Christofides and the widely followed Trimiklini case. The third, by contrast, relates to an earlier allegation submitted by a senior Tax Department official. Although details remain sparse, this report will determine whether the investigation reveals potential criminal or disciplinary liabilities.

Investigation Methodology And Approval Process

The Authority’s process is rigorous: once the inspection teams compile a final report, a concise explanatory document is drafted. Authority members then review and approve this document prior to any public disclosure. This careful vetting ensures that any publication of names or sensitive details adheres strictly to legal protocols.

Details Of The Allegation

Sources indicate that the complaint, rooted in events dating back to the mid-2000s, alleges malpractice within the Tax Department. The complainant, having accused the department of improper conduct before the proper authorities, subsequently faced retaliatory measures. In his detailed submission, the senior official criticized the unfaltering intolerance toward misconduct and the subsequent disciplinary proceedings that were initiated.

Procedural And Disciplinary Implications

The complaint further accuses the official of becoming a target of a systematic campaign, stating that he pursued appeals to the Administrative Court in efforts to block the promotion of unqualified colleagues. Correspondence related to these issues was sent both to the Public Service Committee and to the General Prosecutor’s Office. A formal disciplinary inquiry had been launched against the complainant, which scrutinized not only this matter but also earlier incidents involving a business leader and a prominent football club official, as well as a letter to the former President of the Republic.

Upcoming Findings And Complementary Investigations

Parliamentary announcements indicate that a report on this inquiry is expected to be released by the end of November. The Authority will also determine, pursuant to existing legislation, whether the identities of those involved should be revealed. In a related development, findings from MP Christofides’ complaints—focused on two specific allegations regarding foreign investors and issues tied to the Promsvyazbank case—are projected for publication next week. This latter inquiry scrutinizes transactions and affiliations that have raised considerable public and political interest.

The forthcoming reports are expected to shed new light on both longstanding and contemporary issues within Cyprus’s public institutions, reinforcing the imperative for transparency and accountability at the highest levels.

SEC Drops Lawsuit Against Gemini: A Major Turning Point In Crypto Regulation

SEC Dismisses Legal Action Against Gemini

The Securities and Exchange Commission has formally withdrawn its lawsuit against Gemini, the prominent crypto exchange founded by twins Cameron and Tyler Winklevoss. The move follows a joint court filing in which both the regulator and Gemini sought dismissal of the case that centered on the collapse of the Gemini Earn investment product, a debacle that left investors without access to their funds for 18 months.

Settlement And Regulatory Reassessment

In a significant development, a 2024 settlement between New York and Gemini ensured that investors recovered one hundred percent of their crypto assets loaned through the Gemini Earn program. The legal reprieve comes on the heels of actions initiated by New York Attorney General Letitia James, who accused Gemini of defrauding investors.

Political Backdrop And Industry Implications

This dismissal reinforces a broader trend of regulatory leniency toward the crypto sector noted during the Trump administration, which saw the SEC dismiss, pause, or reduce penalties in more than 60 percent of its pending crypto lawsuits. Meanwhile, Gemini’s recent public offering filing underscores its ambitions to solidify its status as a major player in the evolving digital asset market.

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