A total of 95 asset-freezing orders have been obtained in Cyprus since 2024 as part of investigations into organised crime cases, according to figures submitted to the House of Representatives during discussions on legislation aimed at strengthening measures against criminal networks engaged in illegal activities.
Over the last three years, authorities have secured 95 orders freezing assets connected to organised crime investigations.
According to information submitted to parliament in the context of discussions on the harmonisation bill entitled the Prevention and Suppression of Money Laundering Activities (Amendment) Law of 2026, a total of 26 domestic freezing orders were issued in 2024.
Of those, two were revoked (approximately 8%).
It is clarified that, in one case, the order was cancelled because criminal proceedings were discontinued, while in the other case it was revoked because the persons affected by the freezing order were not prosecuted.
In 2025, a total of 32 domestic freezing orders were issued. None were cancelled, despite applications being submitted seeking their revocation, which were rejected by the courts.
In 2026, up to 9 October, a total of 37 domestic freezing orders were issued and none were cancelled.
It is noted that the figures were sent to parliament by the Legal Service's Financial Intelligence Unit (MOKAS) following a question by AKEL MP Andreas Pasiourtides, as part of discussions scheduled before the House Legal Affairs Committee.
Harmonisation with EU legislation
The purpose of the proposed bill is to amend the Prevention and Suppression of Money Laundering Activities Law (Law 188(I)/2007) in order to align Cyprus with Directive (EU) 2024/1260 of the European Parliament and the Council of 24 April 2024 on asset recovery and confiscation.
The directive establishes a strengthened and comprehensive framework for:
- The tracing of assets.
- The identification of assets.
- The freezing of assets.
- The confiscation of assets.
- The management of assets linked to criminal activity.
Its objective is to make it more effective to deprive criminals, particularly organised criminal groups, of illicit financial gains.
Asset recovery and management services
Under the directive, each member state must, among other obligations:
- Establish at least one Asset Recovery Office to facilitate cross-border cooperation in investigations aimed at tracing and identifying assets that may be frozen or confiscated.
- Designate at least one competent authority as an Asset Management Office responsible for managing frozen and confiscated assets until their final disposal following a confiscation order.
Measures required under the directive
The directive also requires member states to adopt measures allowing, among other things:
- Immediate action to preserve assets where there is an imminent risk that they may disappear, provided those assets have been identified by an Asset Recovery Office in the exercise of its powers.
- The confiscation, in whole or in part, of instrumentalities, proceeds of crime or other assets where they derive from a criminal offence for which a final conviction has been issued.
- The confiscation of assets whose value corresponds to the value of criminal instruments or proceeds.
- The confiscation of assets transferred to a third party who knew, or ought to have known, that the purpose of the transfer or acquisition was to avoid confiscation.
- Extended confiscation, where a court determines that assets originate from criminal conduct in cases involving offences capable of generating direct or indirect financial benefit.
- Non-conviction-based confiscation, where criminal proceedings cannot be completed because the accused person has become ill, disappeared or died, but would otherwise have been liable to conviction.
- The confiscation of assets of unexplained origin when a court determines they derive from criminal conduct.
Victims’ rights and social use of confiscated assets
The directive further requires member states to ensure that the claims of victims are taken into account during asset-tracing, freezing and confiscation procedures.
It also allows member states, where appropriate, to make use of confiscated assets for public-benefit or social purposes.
