Police in Cyprus freeze 51.5 million euros in illicit assets

The Cyprus Police reported the freezing of 51.5 million euros in assets linked to illegal transactions during a session of the House Audit Committee on November 12, 2026. This parliamentary discussion focused on an Audit Office report regarding the efficiency of banking sector supervision in preventing money laundering.

Statistical data provided by police representatives shows a significant year-on-year increase in asset seizures: 550,000 euros across nine cases in 2023, 8.5 million euros across 26 cases in 2024, 10.5 million euros across 28 cases in 2025, and 32 million euros through August 2026. Officials noted that roughly half of these cases are connected to the controversial Cyprus Investment Programme, which involved the naturalization of foreign nationals. A notable example of these seizures includes a three-million-euro mansion formerly owned by the Malaysian businessman Jho Low.

Addressing inquiries from AKEL MP Christos Christofides, the police clarified that these freezing orders have reached final court decisions. The surge in values is attributed to both heightened scrutiny of citizenship applications and improved efforts to combat financial crimes through the legal system.