Passports revoked and law companies fined

The Council of Ministers has decided to revoke the passports of 4 Russians and their people who were granted Cyprus citizenship under the island’s disgraced Citizenship by Expenditure (a.k.a. Golden Passports) plan that was brought to an abrupt conclusion in November 2020.

The four Russian people today have been sanctioned by the European Union as a consequence of the Russian war in Ukraine. The 4 have been named as:

Mikhail Gutseriev, a main Russian businessman who was sanctioned for supporting the routine of Belarusian President Alexander Lukashenko.

Alexander Ponomarenko, chairman of the board of Sheremetyevo, Russia’s largest airport.

Vadim Moskovic, a member of Vladimir Putin’s inner circle with an approximated web wort of approximately US€2 billion.

Alexei Kuzmichev, just one of the wealthiest people in the entire world, who according to EU regulators has “well established ties to the Russian president”

The 17 relatives associates of the 4 have also had their Cypriot citizenship and golden passports revoked.

(A probe into the disgraced citizenship scheme revealed that additional than fifty percent – 53% – of the 6,779 passports issued were being performed so illegally.)

Legislation corporations breached money laundering restrictions

The Cyprus Bar Association has fined four unnamed regulation corporations for breaching numerous policies including these on revenue laundering.

The head of the Affiliation advised Phileleftheros that the fines had been imposed following investigations even further conditions are beneath investigation.

The fines selection from €8,000 to €79,000 and the higher good was imposed on just one regulation company involved in a ‘significant number’ of citizenships. The firm faced 45 allegations relating to breaches of the dollars laundering laws.

As much as we are mindful, none of the attorneys that breached the regulations have had their licenses revoked.