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Cyprus At The Heart Of An International Money Laundering Investigation

by THEFUTURE.TEAM

January 28, 2025

An extensive investigation into a transnational money laundering and trafficking network with ties to Cyprus is ongoing, according to Police Spokesperson Kyriaki Lambrianidou. Speaking to the Cyprus News Agency, she confirmed that Spanish authorities are continuing their inquiries following the dismantling of a sophisticated criminal organisation operating across Cyprus and other European nations.

The investigation, led by Europol in cooperation with the Cyprus Police and several European counterparts, has revealed that the network’s masterminds were based in Cyprus. The leaders, two Ukrainian brothers with Cypriot citizenship obtained through the Cyprus Investment Programme, are accused of orchestrating the laundering of vast sums of money derived from illicit activities.

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One of the brothers has been arrested abroad under a European arrest warrant, while the second remains at large, Lambrianidou disclosed.

A Multi-National Crackdown

The Europol-led operation, which involved law enforcement agencies from Cyprus, Croatia, France, Germany, Slovenia, and Spain, as well as EUROJUST, resulted in the arrests of over 20 individuals. During the coordinated raids, authorities froze cryptocurrencies worth tens of millions of euros and seized millions in cash, luxury cars, and other high-value items.

The network allegedly employed Cyprus as a transit hub, funnelling substantial sums of money through third-country nationals who transferred these funds from various European countries to Cyprus. A total of 13 search warrants were executed on Cypriot properties, predominantly in Limassol, uncovering significant assets.

In Limassol alone, over €650,000 in cash, numerous valuables, electronic devices, mobile phones, and financial documents were confiscated. The operation also froze more than €25 million in cryptocurrencies, highlighting the increasing use of digital currencies in modern financial crimes.

Luxury Assets Targeted

Authorities have zeroed in on the network’s extensive assets. In addition to seizing over €650,000 in cash, six high-end vehicles worth more than €650,000 were confiscated. Meanwhile, an order was issued to seize 14 apartments valued at over €7 million.

The scope of the crackdown extended beyond Cyprus. In Spain, France, and Slovenia, 90 properties were searched, resulting in 23 arrests. Officials seized €8.2 million in cash, froze €29.5 million in cryptocurrencies, confiscated 36 luxury vehicles, and recovered jewellery and other valuables worth hundreds of thousands of euros.

Unveiling The Network’s Operations

The criminal group’s operations appear meticulously organised. According to the Cyprus Police, the network exploited a structured system of third-country nationals to transfer large sums of money from across Europe into Cyprus. From there, these funds were reportedly laundered and used to acquire luxury assets, including real estate and vehicles.

This case underscores the ongoing challenges authorities face in combating money laundering and financial crimes in an increasingly digital world. The freezing of over €29.5 million in cryptocurrencies highlights the sophistication of the group’s methods and the growing intersection of financial crime and blockchain technology.

Cyprus’s Role Under Scrutiny

The investigation has placed Cyprus in the spotlight as a key location within the network’s operations. The discovery that the alleged leaders have naturalised Cypriots through the controversial investment programme has reignited debates around the scheme, which was scrapped amid concerns of abuse and corruption.

As authorities intensify their efforts to bring all suspects to justice, the case serves as a stark reminder of the complexities involved in tackling transnational crime. The seizure of millions in cash, cryptocurrencies, and luxury assets signals a significant blow to the network, but investigators know the fight is far from over.

The ongoing collaboration between Europol, EUROJUST, and multiple national police forces demonstrates the necessity of international cooperation in addressing crimes that transcend borders. With one suspect still evading arrest and investigations ongoing, the global community will watch closely as authorities continue to unravel the full extent of this intricate laundering operation.

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Foreign Firms Contribute €3.5 Billion To Cyprus Economy In 2023

by THEFUTURE.TEAM

November 12, 2025

Recent Eurostat data reveals that Cyprus remains an outlier within the European Union, where foreign-controlled companies contribute minimally to the nation’s employment figures and economic output. While these enterprises have a substantial impact in other member states, in Cyprus they account for only 10 percent of all jobs, a figure comparable only to Italy and marginally higher than Greece’s 8 percent.

Employment Impact

The report highlights that foreign-controlled companies in Cyprus employ 32,119 individuals out of a total workforce that, across the EU, reaches 24,145,727. In contrast, countries such as Luxembourg boast a 45 percent job share in foreign-controlled firms, with Slovakia and the Czech Republic following closely at 28 percent.

Economic Output Analysis

In terms of economic contribution, these enterprises generated a total value added of €3.5 billion in Cyprus, a small fraction compared to the overall EU total of €2.39 trillion. Notably, Ireland leads with 71 percent of its value added stemming from foreign-controlled firms, followed by Luxembourg at 61 percent and Slovakia at 50 percent. On the lower end, France, Italy, Greece, and Germany exhibit values below 20 percent.

Domestic Versus Foreign Ownership

The data underscores Cyprus’s heavy reliance on domestically controlled enterprises for both employment and economic output. However, it is important to note that certain businesses might be owned by foreign nationals who have established companies under Cypriot jurisdiction. As a result, these firms are classified as domestically controlled despite having foreign ownership or management components.

Conclusion

This analysis emphasizes the unique role that foreign-controlled enterprises play within the Cypriot economy. While their overall impact is limited compared to some EU counterparts, the presence of these companies continues to contribute significantly to the island’s economic landscape.