The Committee on Institutions, on Wednesday, continued discussing the issue of cash inflows through airports and potential money laundering, as it appears that of the €101.6 million being investigated by the authorities, cases for €90 million are yet to reach the courts.

The General Director of the Ministry of Finance, Georgios Pantelis, presented data to the committee, detailing that from 1/1/2021 to 3/2024, 1,077 cash declarations were made at airport customs for a total of €119 million. Of these, 825 declarations, amounting to €105 million, were made between January 2023 and March 2024. Out of these 825 declarations, 336 involving €101.6 million (96%) are under investigation by the Police and MOKAS (Unit for Combating Money Laundering).

The Deputy Chief of Police, Dimitris Dimitriou, noted an increase in large sums of money entering the Republic since August 2023. Currently, four cases involving around €10 million are in court, with ongoing investigations for the remaining cases. A significant case involving another European country and Eurojust is also in progress.

MOKAS head, Maria Kyrmitzi Antoniou, reported that 17 of the suspicious transaction reports were forwarded to the Police for criminal investigation, with ten cases involving international units. Responding to inquiries, she mentioned that approximately 2,000 cases reported in 2023 are being prioritized for investigation.

Tax Commissioner Sotiris Markides, when asked about declarations by developers who received cash, responded that several had done so. In 2021, about 1,200 entities reported transactions exceeding €10,000 in cash. He is awaiting a list from the Customs Department of those who declared carrying cash into Cyprus for further investigation.

Theodora Dimitriou, Director of the Customs Department, explained that those declaring cash upon entry complete forms indicating the origin, destination, and purpose of the funds, most commonly for real estate purchases. However, beyond accepting declarations, there are limitations on immediate on-site verification, with further checks done centrally.

Representing the Ministry of Interior, Anastasia Kamenou highlighted the risk assessment process for legal entities to identify high-risk organizations for money laundering, terrorism financing, and tax evasion. In early 2023, 25% of entities were categorized as high risk. Cases are then sent to MOKAS, the Police, and the Tax Commissioner for further investigation. Examples of high-risk entities include foundations dealing with cash and football clubs with unclear foreign income sources.