Newsroom
Paphos Mayor Phedonas Phedonos has made explosive claims that Cyprus is now part of an international money laundering network used by Latin American drug cartels. In a social media post on Tuesday, he said the island has not only become a hub for drug trafficking but is now also helping to wash dirty drug money, allegedly with the help of shady Forex firms based in Cyprus.
“This is a new low,” Phedonos wrote, warning that Cyprus is no longer just a major consumer of drugs or a stopover point for smugglers; it’s now part of a much bigger and more dangerous system.
Drug money laundered through Cyprus?
According to the mayor, several Cyprus-based Forex companies have set up complicated networks of shell firms across Latin America. These companies, he claims, are being used to launder profits from drug cartels, especially in Mexico.
Phedonos questioned why these companies are attracting huge client bases in countries known for cartel activity and, more importantly, how Cyprus' financial regulators are allowing large sums of money to flow in without checking where it's coming from.
“Why are these Forex companies opening branches in Latin America? Why is no one checking the money trails?” he asked, demanding clear answers.
Drugs already in schools
Cyprus has long struggled with drug abuse, and Phedonos pointed out that cannabis, cocaine, and synthetic drugs are widely available. In fact, he reminded the public that government officials recently admitted in Parliament that drugs have even made their way into middle schools.
On top of that, the island has become a transit point for drugs smuggled from abroad, he said. Ports, the buffer zone, and even the postal service are being used by organized crime groups, both local and international.
“Organized crime is thriving by taking advantage of weak oversight, corruption, and loopholes in our systems,” he warned.
“Who’s in on it?”
Perhaps the most chilling part of his statement was his question about who, exactly, is allowing this to happen.
“Who among us, wearing suits and ties, has become a partner in this nightmare? Who is benefiting?” Phedonos asked, hinting at the possibility that high-level figures may be turning a blind eye or even profiting.
He stressed that drug money doesn’t just disappear; it often finds its way into local power structures and business circles.
Call for action
Phedonos urged regulators and authorities to step up and investigate these claims thoroughly. “They have the tools. What’s needed is courage and integrity,” he said. “Society can’t take any more silence or cover-ups.”
The mayor, known for speaking out against corruption, ended his post by reaffirming his commitment to exposing wrongdoing:
“As always, I’m present and accounted for in this fight. The rest is up to the authorities.”
His remarks are already making waves, prompting fresh concerns about just how deep the roots of organized crime go in Cyprus and who might be watering them.
