Cyprus has vowed to tighten controls on its financial sector as an investigation published by the Guardian and its reporting partners reveals oligarchs transferred hundreds of millions in assets while sanctions loomed after the Russian invasion of Ukraine.
The role of the blue-chip accountants PwC Cyprus and other advisers in managing transactions as Vladimir Putin's forces launched their assault has emerged from Cyprus Confidential, a cache of 3.6m files leaked by an anonymous source to the International Consortium of Investigative Journalists (ICIJ) and Germany's Paper Trail Media, which shared access with the Guardian and other partners.
The largest-ever financial data leak from Cyprus also sheds light on how opaque offshore structures managed by accountants and corporate service providers in the EU member state may have enabled undisclosed payments to an influential western journalist, and potential breaches of rules around football club financing.
The Cypriot government has responded by promising a "zero-tolerance approach" to sanctions violations as it battles to safeguard its status as a financial centre.
A spokesperson said Cyprus was receiving technical support from the British government to create a sanctions implementation unit, with plans to be submitted this month alongside a report on how its authorities investigate and prosecute financial crime. It has also joined an EU cross-border project on making sanctions effective.
The president, attorney general, key cabinet members and officials were briefed last week over progress on implementing tighter controls.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
If kids get protected from online harm, how about the rest of us?
The Australian government has proposed a ban on social media for all citizens under 16.
'It's not drought - it's looting'
Spain is increasingly either parched or flooded - and one group is profiting from these extremes: the thirsty multinational companies forcing angry citizens to pay for water in bottles.
Life in the grey Zone
Neonatal care has advanced so far that babies born as early as 21 weeks have survived. But is this type of care always the right thing to do?
Out of tune? Band Aid under fire for Africa tropes as it turns 40
Forty years ago this month, a group of pop stars gathered at a west London studio to record a single that would raise millions, inspire further starry projects, and ultimately change charity fundraising in the UK.
Deaths shine spotlight on risks of drinking on party trail
Vang Vieng is an unlikely party hub. Surrounded by striking limestone mountains and caves in central Laos, it morphed from a small farming town to a hedonistic tourist destination in the early 2000s.
Different strokes My strange and emotional week with an AI pet
Moflin can develop a personality and build a rapport with its owner - and doesn't need food or exercise. But is it comforting or alienating?
Strike zone Waking up to the rising threat of lightning
When the Barbados National Archives, home to one of the world's most significant collections of documents from the transatlantic slave trade, reported in June that it had been struck by lightning, it received sympathy and offers of support locally and internationally.
Cheap pints and sticky carpets: the old-school pub is back
In the Palm Tree pub, east London, barman Alf is taking only cash at the rattling 1960s till.
Brain gain Can a radical tax scheme convince the country's brightest to stay?
In the autumn of 2018, I moved to Lisbon for a month-long course at the Universidade .de Lisboa.
Fear and sympathy in small town divided over asylum camp
A year after anti-immigration riots, a site for asylum seekers faces hostility while some locals try to help new arrivals
