Authorities seized assets worth €63.2 million in 2024, marking an increase from the previous year’s total of approximately €1 million, according to data from the anti-money laundering unit.
The Unit for Combating Money Laundering (MOKAS), operating under the Attorney General’s office, froze €8.5 million in domestic criminal investigations whilst restraining €54.7 million following foreign jurisdiction requests.
MOKAS and the Police have established specialised teams to investigate financial assets of suspects arrested for serious crimes or individuals showing unexplained wealth accumulation.
MOKAS head Maria Kyrmizi, the Republic’s senior counsel, attributed the increase to systematic efforts launched in 2023 involving training programmes, lectures and guidance manuals distributed to police and prosecutorial authorities for effective asset recovery implementation.
Domestic seizures target luxury assets
Court orders issued following MOKAS applications on behalf of the Attorney General secured €1.91 million in cash plus $6,163, alongside 25 properties valued at €5.075 million and 30 motor vehicles worth €430,000.
Additional seizures included one boat valued at €9,500, 119 jewellery items worth approximately €1 million, and various luxury goods.
Police requests to MOKAS increased 36% to 129 cases in 2024, whilst customs department requests surged 90% to 38 cases.
Foreign requests drive major seizures
International judicial cooperation requests yielded significantly larger asset restraints totalling €54.7 million. Foreign court orders registered in Cyprus secured €2.44 million, $4.75 million and £1,360 in currency, plus 14 properties worth €6.63 million and six vehicles valued at €660,000.
Authorities also froze an investment portfolio worth $45 million at the restraint date, representing the largest single asset seizure recorded during the period.
Confiscation orders transferring ownership permanently totalled €372,695 for domestic cases and £17,993 for foreign requests, converting frozen assets into state property following successful prosecutions.
New EU regulations target football sector
European Union anti-money laundering regulations taking effect in 2027 will extend compliance requirements to cryptocurrency providers, professional football clubs and agents, crowdfunding intermediaries and investment migration service providers.
The EU package establishes stricter due diligence requirements, beneficial ownership regulations and a €10,000 cash payment limit across Union territory. A new European Anti-Money Laundering Authority (AMLA) will coordinate national agencies to ensure consistent rule implementation.
Read more:
