Parliament’s institutions committee is seeking explanations from the Central Bank governor after claims of delayed bank responses, weak checks and unanswered warnings linked to suspicious football-related transactions.
The House institutions committee is seeking explanations from the governor of the Central Bank of Cyprus over banking transactions linked to the Cyprus Football Association (CFA) following claims that large sums moved through the financial system without adequate controls.
According to Politis information, the Unit for Combating Money Laundering, Mokas, sent information to police in 2024 and 2025 concerning a CFA official, associates and related companies. The report says both the attorney general’s office and police were aware of Mokas findings for a considerable period.
Charges filed nearly nine months after the Lykourgou report
Public interventions by criminal investigator Alexandra Lykourgou, combined with media scrutiny and public pressure, appear to have prompted movement within the attorney general’s office.
Nearly nine months after the attorney general received the Lykourgou report on CFA dated 12 May 2025, and following earlier intermediate reporting, Attorney General Giorgos Savvides filed a criminal case at Nicosia District Court on Thursday, 5 February 2026.
The case targets one natural person, Giorgos Koumas, former CFA president, and two legal persons, companies, in relation to a possible incompatibility involving a CFA official and other issues. The filing followed a lengthy criminal investigation that also touched on the movement of large sums of money.
In an interview with Politis on 1 February 2026, Lykourgou said her findings included suspicious transactions, inadequate checks, contracts lacking sufficient documentation, and money routes deemed worthy of further investigation. She said there was credible and sufficient evidence to justify charges and the referral of persons to court for misdemeanours and felonies.
Mokas findings: large sums and weak documentation
According to Politis, Mokas provided police with specific information arising from analysis of suspicious transactions and money flows involving a CFA official, associates and related companies, to support a criminal investigation.
Mokas is said to have identified the movement of large sums through bank transactions where, in some cases, contracts and supporting documents were inadequate. In other instances there was no relevant agreement or no reasonable explanation provided.
The report argues that, as a result, police and the attorney general’s office had long been aware of serious Mokas findings. Lykourgou has also said that the legal service was always fully and promptly informed by her and the investigators supporting her about the progress of the probe and difficulties encountered.
Central Bank governor informed, letter left unanswered
The report says Central Bank governor Christodoulos Patsalides had been aware for months of potential omissions by banks and control gaps in transactions linked to Cypriot football.
In her Politis interview, Lykourgou said money routes were followed but delays arose because some banks did not respond to court orders to provide information as quickly as reasonably expected.
She also said there were indications of negligence and breaches of basic banking practice. According to her account, some banks executed transactions involving large sums for the persons under investigation without requesting necessary supporting documents, such as professional collaboration contracts.
Lykourgou said she informed the Central Bank governor in writing. The letter, she said, remains unanswered and no additional information or clarifications were requested by the governor, either from her or from Mokas.
Central Bank cites confidentiality
Asked by Politis, Patsalides said the Central Bank cannot comment because doing so would breach professional secrecy under the Central Bank law, amounting to an offence. He also referred to confidentiality obligations under the European System of Central Banks.
Politis reports that the governor was asked why the Lykourgou letter remained unanswered and what measures the Central Bank took regarding alleged banking gaps in the movement of large sums linked to Cypriot football.
Parliament steps in
The lack of a public response from the Central Bank on issues raised by the Lykourgou report has prompted a parliamentary intervention.
On Friday, 6 February 2026, the chair of the House institutions committee, DISY MP Dimitris Dimitriou, sent a letter to the Central Bank governor under the subject, “Statements by the criminal investigator on failure to conduct checks for the movement of large sums”.
In the letter, Dimitriou cites Lykourgou’s claims that in some cases appropriate procedures were not followed and required checks were not carried out for the movement of large funds through financial institutions. He also notes her claim that she had sent the governor a letter long ago informing him of the matter without receiving any response or reaction.
The committee requested immediate information on the governor’s actions and or his position in relation to the statements. The institutions committee also intends to invite Patsalides to one of its upcoming sessions to provide explanations regarding Lykourgou’s references to banks.
Public interest and the presumption of innocence debate
The report also addresses remarks by Christos Triantafyllides, lawyer for the former CFA president, who argued that Lykourgou’s public statements breached the presumption of innocence.
Lykourgou rejected this, citing court rulings linked to the Polyviou report into the Mari explosion. Speaking to CNA on Friday, 6 February 2026, she said courts found that publication of the Polyviou report in 2011, which included incriminating findings and named suspects before indictments were filed, did not breach the presumption of innocence or the right to a fair trial.
She argued that if those findings did not support such defences, then her own milder statements, which did not specify criminal offences or name suspects, could not do so either. She said the Polyviou report had been published on grounds of public information and transparency in a matter of public interest, with indictments filed months later.