The amounts committed or will be committed this year by the Unit for Combating Cover-up Offenses are huge, which doubled compared to last year.
According to the head of MOKAS, Maria Kyrmizi Antoniou, this year assets of persons under criminal investigation have been confiscated or will be confiscated, which will exceed €60 million. Last year, assets of persons investigated by the authorities whose value amounted to €30 million were frozen, i.e. they doubled compared to 2025, while in 2024 assets worth €8 million were frozen.
The data were given to the Legal Committee of the Parliament during the discussion of the bill concerning the harmonization with the European Union act entitled "Directive (EU) 2024/1260 of the European Parliament and of the Council of 24 April 2024 on the recovery and confiscation of assets".
As Ms. Antoniou explained, MOKAS addresses the Courts for the freezing of amounts and property but also for the execution of requests for judicial assistance by foreign services. The bill includes provisions for the creation of an Asset Recovery Service in the Police and at the same time, an Asset Management Service in the Insolvency Department of the Ministry of Energy.
The bill introduces for the first time a provision where the investigation framework is extended for revenues located inside and outside the Republic and confiscation of inexplicable wealth is created, in order to beat organized crime, as the head of MOKAS pointed out. She explained that the amounts committed are huge, which is why a Management Service is being set up. Many assets are in crypto wallets and the Agency will undertake the execution of their confiscation orders.
As explained to the MPs by Ms. Antoniou, confiscation takes place after the conviction of a person and before the imposition of the sentence. There is a confiscation process without conviction and with the bill it will now be easier. If prima facie evidence is raised that he is involved, then confiscation can be made. "With this provision, we proceeded and succeeded in confiscating the real estate of the Malaysian Joe Law in Ayia Napa. There is, of course, the right to be heard."
She observed that with the new provision for the inexplicable wealth possessed by organized crime, it will be able to be confiscated without a criminal conviction. This law gives the right when there is no testimony for a criminal case, to proceed with the confiscation. As for where the confiscated money ends up, it is deposited in a fixed fund and used for social purposes. Now the competent services will be able to take them for their modernization to be upgraded against organized crime. One of the criteria is whether the property exceeds the legal income. There is a provision in the law that will cover cases already under investigation.
Confiscation to help Ukraine
The representative of the Cyprus Bar Association, Pantelis Christofides, stated that the bill introduces the concept of a legal entity to the victims, while member states can use the confiscated goods in order to contribute to support mechanisms of third countries, especially in states that have been at war (Ukraine). It is also provided that the EU can provide guidance. This paragraph, as he explained, is not included in the bill and should be included.
