New bill introduced in Cyprus to allow asset confiscation without criminal conviction

On October 7, 2026, the Parliamentary Committee on Legal Affairs in Cyprus reviewed a new legislative bill designed to combat organized crime. The proposed law, which aligns with European Union regulations, introduces mechanisms for the confiscation of illicitly acquired assets, even in the absence of a criminal conviction under specific conditions.

Fotini Tsiridou, Chairperson of the Legal Affairs Committee, highlighted that the bill mandates the establishment of a specialized asset recovery agency. This body will include representatives from the Income Tax Office, MOKAS, the Police, and other public services. The legislation allows for expanded forfeiture, including the seizure of assets transferred to third parties or legal entities, and provides for the potential interim sale of seized property. It also emphasizes enhanced cross-border cooperation with other EU member states and European agencies.

This initiative serves as a strategic update to Cyprus’s legal arsenal against organized criminal networks. By targeting unexplained wealth associated with criminal behavior, the government aims to close loopholes that previously protected illicit assets. The legislative process is currently at the committee review stage, with officials expressing satisfaction regarding the timely submission of the bill for parliamentary debate.