On 8th August, Cyprus Property News reported that new criteria for those wishing to obtain a Cyprus passport through the much-criticised citizenship by investment scheme are coming into force and will include due diligence checks on applicants.  3 unnamed firms will now carry out due diligence on every applicant.  Until now the only requirement for an applicant to be eligible was a clean criminal record, and no questions were asked about the source of the investment funds.  This gave rise to accusations of money laundering and prompted Moneyval to call for tougher criteria.  It is said that the due diligence checks will cost the government €1.4 million a year.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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