Passports revoked and regulation firms fined

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

The 4 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 major Russian businessman who was sanctioned for supporting the routine of Belarusian President Alexander Lukashenko.

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

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

Alexei Kuzmichev, one of the wealthiest individuals in the globe, who according to EU regulators has “well proven ties to the Russian president”

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

(A probe into the disgraced citizenship scheme disclosed that additional than 50 % – 53% – of the 6,779 passports issued ended up finished so illegally.)

Legislation firms breached income laundering restrictions

The Cyprus Bar Affiliation has fined 4 unnamed legislation firms for breaching quite a few rules including those people on income laundering.

The head of the Association instructed Phileleftheros that the fines were imposed next investigations more conditions are under investigation.

The fines variety from €8,000 to €79,000 and the larger great was imposed on a single legislation organization included in a ‘significant number’ of citizenships. The firm confronted 45 allegations relating to breaches of the funds laundering rules.

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