Passports revoked and regulation firms fined

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

The four Russian men and women 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 key Russian businessman who was sanctioned for supporting the routine of Belarusian President Alexander Lukashenko.

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

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

Alexei Kuzmichev, 1 of the wealthiest people in the entire world, who according to EU regulators has “well established ties to the Russian president”

The 17 family members customers of the 4 have also experienced their Cypriot citizenship and golden passports revoked.

(A probe into the disgraced citizenship scheme unveiled that more than 50 percent – 53% – of the 6,779 passports issued were carried out so illegally.)

Legislation corporations breached revenue laundering restrictions

The Cyprus Bar Affiliation has fined 4 unnamed regulation companies for breaching many regulations such as all those on income laundering.

The head of the Association informed Phileleftheros that the fines have been imposed next investigations even further conditions are less than investigation.

The fines range from €8,000 to €79,000 and the increased fantastic was imposed on one particular law firm involved in a ‘significant number’ of citizenships. The organization faced 45 allegations relating to breaches of the dollars laundering rules.

As considerably as we are conscious, none of the lawyers that breached the polices have experienced their licenses revoked.