Law Society fines four law firms for violating money laundering rules

The Cyprus Bar Association has imposed fines ranging from €8,000 to €79,000 on four Cypriot law firms for violating numerous rules, including the one on money laundering.

The head of the association, Christos Clerides, also told Phileleftheros that the fines were imposed after investigations were carried out by the committee appointed by the board of directors under the law on the prevention and fight against money laundering.

And that other such cases triggered by island citizenship through an investment program are also being investigated.

The heavy fine of 79,000 euros was imposed on a law firm involved in a significant number of naturalizations of foreign investors and entrepreneurs.

The firm was suspected of a total of 45 allegations relating to, among other things, the failure to have adequate and appropriate systems in place to assess and manage client risk and/or categorize clients in order to effectively deal with and prevent the risk of attempting or attempting to commit money laundering offenses and illegal financial activities.

of Terrorism in violation of the Articles of the Pancyprian Bar Association Directive to its Members for Procedures for Preventing and Combating Money Laundering Arising from Illegal and Terrorist Activities.

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