A government inquiry in Cyprus has found that public authorities and banks alike neglected to vet applicants to the country's controversial citizenship-by-investment program, but the nation's financial intelligence unit refuses to be included on the long list of culprits. The broad failure to apply due diligence may have allowed dozens, if not hundreds, of wealthy foreigners with questionable funds to secure "golden passports" from Cyprus by investing hundreds of millions of euros into local real estate, an independent panel led by a former Cypriot chief justice concluded in a 786-page report after a nine-month investigation. Most of the commission's blame...
Cyprus is failing to stop the laundering of proceeds from corruption and other crimes committed abroad that pose the greatest threat to the country's financial system, an intergovernmental group claimed Wednesday.
Negative news and tighter rules governing controversial citizenship-by-investment schemes have led some banks in Cyprus and Malta to review their internal policies for clients holding or acquiring "golden passports," sources say.
Malta plans to create a new agency to administer its controversial citizenship-by-investment scheme after years of relying on private firms to scrutinize the wealthy overseas investors seeking to obtain EU passports, an official told ACAMS moneylaundering.com.