Cyprus police freeze 51.5 million euros in illegal assets since 2023

Cypriot authorities have frozen 51.5 million euros in assets linked to illegal activities between 2023 and August 2026, according to data presented to the House Audit Committee. Police representative Afxentis Constantinou stated that asset seizures have risen significantly over this period: 550,000 euros across nine cases in 2023, 8.5 million euros in 26 cases in 2024, 10.5 million euros in 28 cases in 2025, and 32 million euros in 23 cases during the first eight months of 2026. Approximately half of the total frozen value is linked to the controversial "golden passport" citizenship-by-investment scheme, including a three-million-euro mansion belonging to wanted Malaysian businessman Jho Low.

The committee meeting also reviewed an Audit Office report highlighting previous systemic weaknesses in banking supervision, staff shortages at the Central Bank, and delays in financial investigations. Officials noted that inter-agency cooperation has improved, and the number of bank accounts for corporate and individual clients has been significantly reduced as part of stricter anti-money laundering measures. While the Audit Office previously identified gaps in oversight, authorities emphasized that ongoing financial investigations are now being conducted in parallel with criminal cases, contributing to the recent rise in asset freezes.