Filenews 23 August 2025 - by Michalis Hatjivasilis
A large increase was observed in 2024 in asset freezes related to criminal cases investigated by the Police, while terrible amounts were frozen following requests from abroad.
According to data from the Unit for the Fight Against Cover-Up Offences (MOKAS), which is part of the Legal Service, last year sums of money and real estate or valuables were frozen, with a total value of €8,500,000. At the same time, following requests from foreign services, the Unit froze assets worth approximately €54,700,000 by decree. It is noted that asset freezes in 2023 were much lower than those of '24, since they did not exceed €1 million.
The increase in the amounts pledged is due to the intensification of the efforts of MOKAS and its cooperation with the Police, which proceeded, on the instructions of its political superior, to the establishment of a team to investigate the financial data of persons who are either arrested for serious cases, or simply found to be unjust enrichment.
This increase, according to MOKAS, is largely the result of the effort launched in 2023 by the Unit, the Police and the Prosecution Authority, for a more effective implementation of the measures for the recovery of illegal revenues, with trainings, lectures, as well as the issuance, by MOKAS, of a manual of guidelines to the Police and the Prosecutor's Authorities for the recovery of illegal revenues.
The deprivation of criminals from their illegal revenues is not only a substantial punishment, but also a measure that interrupts the feedback of new offenses and the penetration of illegal revenues into the legal economy. Above all, however, it is an essential parameter in the fight against organized crime, notes MOKAS, which is headed by the Senior Lawyer of the Republic, Maria Kyrmizi.
According to the detailed data of the Unit, with domestic court decrees issued following applications by MOKAS (on behalf of the Attorney General) in 2024, the following were committed: In cash €1,913,659 and 6,163 US dollars, 25 properties worth approximately €5,075,000, 30 motor vehicles worth approximately €430,000, one boat worth approximately €9,500, 119 jewellery worth approximately €1,000,000, as well as other luxury items.
An increase was also observed in the registrations of foreign freezing decrees, issued on the basis of requests for legal assistance from foreign authorities, with the value of frozen assets amounting to approximately €54,700,000.
According to the detailed statement regarding the registration of foreign Commitment Decrees in 2024, the following were frozen: €2,440,937, 4,747,323 US dollars, 1,360 British pounds, 14 properties worth approximately €6,634,698, six motor vehicles, worth approximately €660,000. It also committed an investment portfolio worth around $45,000,000 on the pledge day.
At the same time, in 2024, the Attorney General issued confiscation orders, i.e. those that changed hands, in 2024 property worth €372,695, while for foreign claims, property of 17,993 British pounds.
It is noted that in 2024, the sector responded to 129 requests from the Police, recording an increase of 36% compared to 2023. The sector also cooperates with the Customs Department. Also noteworthy was the increase in the number of requests received by the Customs Department, which recorded an increase of 90%, with the absolute number of requests reaching 38.
From '27 the football teams will be controlled
According to MOKAS, in order to ensure the necessary resilience and capacity of the Union's financial system to prevent money laundering and terrorist financing, in 2024, the European Union (EU) adopted a comprehensive anti-money laundering package and terrorist financing, with the aim of protecting citizens and the EU's financial system. To achieve this, the legislative package includes new, stricter rules and several innovations.
The new European Regulation (EU) 2024/1624, which will enter into force in 2027, extends anti-money laundering and countering the financing of terrorism rules to new obliged entities, including cryptocurrency providers, professional football clubs and football agents, crowdfunding service providers and intermediaries, and investment migration operators authorised to represent or provide intermediary services to third-country nationals, who seek to acquire the right of residence in an EU member state in exchange for investments.
The Regulation also introduces, among other things, stricter due diligence requirements, regulates beneficial ownership and sets a limit of €10,000 on cash payments across the Union. Directive (EU) 2024/1640 will regulate the organisation of national competent authorities by setting clear rules on how Financial Intelligence Units (FIUs) and Supervisory Authorities work together. The package additionally establishes a new European Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) Authority, which will coordinate national authorities to ensure the correct and consistent application of European rules.
The Multifaceted Powers of the Unit
Other main actions that MOKAS can take are:
>> Confiscation of an administrative order. This is issued by the Unit for the purpose of not executing or suspending the execution of transactions in accounts, when there is a reasonable suspicion that the transaction is related to money laundering or terrorist financing, for the purpose of analysing a suspicious transaction or for the future issuance of judicial orders freezing or confiscating property.
>> Order of Commitment: Issued when: (a) Criminal proceedings have commenced and have not been completed or are about to commence, within the Republic, against a person for committing a criminal offence, or a money laundering offence, or (b) the Unit is in possession of information on the basis of which there is a reasonable suspicion that a person may be accused or has been charged with committing a criminal offence or for committing a money laundering offence from illegal activities in Cyprus, in an EU Member State, or in a foreign country, and (c) the Court is satisfied that there is reasonable cause to believe that a person has derived any benefit from committing a criminal offence or money laundering offence.
>> Confiscation Decree: It is issued after the conviction of a person for a specified offence (originating or money laundering) and before the imposition of the penalty and concerns the collection of the amount of illegal proceeds, as calculated and verified in accordance with the Law.
>> Registration and enforcement of a decree of a court of a foreign country: In the event that the competent authority of a foreign country makes a request for registration and enforcement of a freezing or confiscation order issued by the court of the foreign country, this decree is registered following a relevant decree issued by a court in Cyprus and becomes enforceable as if it had been issued by a court in Cyprus.
