ATHENS: A European money-laundering watchdog has cautioned that a secretive investment-for-passports programme run by Cyprus was vulnerable to money laundering and fraught with risk.
A committee of experts from the Council of Europe, known as Moneyval, said in a report released on Wednesday that, although Cyprus had broadly taken measures to mitigate key money laundering risks, the risk of vulnerabilities in the investment programme had increased “exponentially” via real estate, the investment vehicle of choice.“The risks related to the Cyprus Investment Programme have not been assessed comprehensively.
Under the programme, a minimum €2 million investment can get a passport and instant visa-free travel throughout the European Union, of which Cyprus is a member. While Cyprus was instrumental in assisting other countries, it was “not very proactive” at freezing and confiscating foreign criminal proceeds at its own initiative.Based on the results of its evaluation, Moneyval decided to apply an enhanced follow up procedure and invited Cyprus to report back in 2021.
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