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A Cyprus court has ordered the confiscation of a luxury villa in Ayia Napa linked to fugitive financier Jho Low, marking the first time authorities have secured the seizure of assets in a domestic case without obtaining a criminal conviction.
The property, estimated to be worth about €6 million, became subject to confiscation following a ruling by the Nicosia District Court. The decision was made after an application submitted jointly by the Republic's Legal Service and the Unit for Combating Money Laundering (MOKAS).
According to the Legal Service, the order was issued with the agreement of legal representatives acting on behalf of Low, who remains outside the jurisdiction of the Republic of Cyprus.
The case was brought under provisions of Cyprus' anti-money laundering legislation, specifically Articles 32 and 33 of the Prevention and Suppression of Money Laundering Activities Laws, which cover the recovery of assets connected to unlawful activity.
The ruling represents a significant development in Cyprus' efforts to recover property believed to be linked to illicit funds, even when the individual connected to those assets is not available to face criminal proceedings in the country.
