A European money laundering watchdog has cautioned that a secretive investment-f...
ATHENS - A European money laundering watchdog has cautioned that a secretive investment-for-passports program 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 program had increased “exponentially” via real estate, the investment vehicle of choice.
Under the program, a minimum 2 million euro investment can get a passport and instant visa-free travel throughout the European Union, of which Cyprus is a member. The review was conducted in May 2019. 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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