Cyprus has issued its first court order for the confiscation of illegal assets without a criminal conviction, in a case involving Malaysian financier Jho Low.
The order concerns Low’s residence in Ayia Napa, valued at about €6 million. Low is outside the jurisdiction of the Republic of Cyprus.
According to an announcement by the Legal Service, the procedure was carried out before the Nicosia District Court. Following an application by the Legal Service of the Republic and MOKAS, Cyprus’ anti-money laundering unit, and with the consent of lawyers representing Low, the court issued the non-conviction confiscation order by agreement.
The application was filed under Articles 32 and 33 of the Prevention and Suppression of Money Laundering Activities Laws of 2007 to 2025.
Source: CNA
