EU warns Cyprus 'golden passports' scheme are a laundering risk

Pedro Gonçalves
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EU warns Cyprus 'golden passports' scheme are a laundering risk

Cyprus' scheme of selling golden visas and European Union passports to wealthy foreigners is open to corruption, money laundering and a conduit for criminals, a European money laundering watchdog has cautioned. The European Union's MONEYVAL agency said in a report that, although Cyprus had broadly taken measures to mitigate key money laundering risks, the risk of vulnerabilities in the investment program had increased "exponentially" via real estate, the investment vehicle of choice. "T...

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