In recent years, the Police proceeded with asset freezes amounting to €51.5 million, which were the product of illegal transactions.
During the discussion in the Parliamentary Audit Committee of the report of the Audit Office, which concerned the audit of the operational efficiency of the supervisory activities of the banking sector, in the context of the prevention of money laundering, a representative of the Police stated that the cases of asset freezes have been finalized in the courts.
According to data he cited, in 2023 assets worth €550,000 were frozen. for nine cases, while in 2024 assets of €8.5 million were frozen for a total of 26 cases. In 2025, assets worth €10.5 million were frozen for 28 cases, while this year, until August, assets worth €32 million have been frozen.
The Police spokesman, answering questions submitted by AKEL MP Christos Christofides, stated that the large amounts of asset freezes concern naturalization cases. He added that half of the cases are related to naturalizations, as the offenders, in the context of the Cypriot investment plan, proceeded with the purchase of real estate.
As he said, among the cases in which assets were frozen is the case of wanted businessman of Malaysian origin Joe Lowe, whose mansion, worth €3 million, was frozen.
According to the Police spokesman, the increase in commitments is due to the increase in cases. He added that, in parallel with the criminal investigation by the investigators, an investigation is also being carried out to locate assets.
The AKEL MP, although he gave credit to the prosecuting authorities for increasing the commitments, expressed his dissatisfaction, as, as he mentioned, in some more suspicious periods some "made the sleep of the righteous".
Shell company accounts closed
At the same time, the representative of the Central Bank, Kleanthis Ioannidis, stated that, in the context of the audits carried out by the CB, it proceeded to close 42,000 bank accounts of shell companies, as well as another 126,000 accounts for violations of the provisions of the legislation.
The latest risk assessment in 2017
The discussion also focused on the report's finding, which finds a delay in updating the National Risk Assessment for money laundering and terrorist financing.
The last assessment was completed in 2017 and was based on data from 2011–2016, so it does not adequately reflect subsequent developments in the economic and financial environment.
It should be noted that in December 2025 a new evaluation began. The Audit Office stressed the need for its timely completion, in view of the next assessment of Cyprus by Moneyval in 2028.
Responding on behalf of the Ministry of Finance, Kikis Pafitis stated that there was a long delay in the implementation of the audit, due to the sanctions imposed on Russia due to the war in Ukraine, but also the difficulty of locating experts to carry out the specialized audit.
As he said, a risk assessment is now underway, as the last assessment was made in 2017, while sectoral assessments were carried out in the meantime.
In relation to cryptocurrencies, according to Mr. Pafitis, a risk assessment was carried out.
On behalf of the CB, it was stated that 2028 is a milestone year for Cyprus, as the country will be evaluated by Moneyval. It was pointed out, at the same time, that the process will start next March.
