Money laundering fight in Cyprus banking system bears fruit
The Cyprus department on combatting money laundering in the banking system has been actively implementing stricter policies. In 2016, it authorised the freezing of 25 assets, including bank accounts, for over €116m, and carrying out 45 confiscations totalling €15m. As a comparison, over 2013-2014, 13 assets were frozen totalling €55m, and €1.7m confiscated.
After the financial crisis in March 2013, the EU started to force Cyprus to bring their legislation in line with the European standard of compliance.