No more 'golden passports' amidst money laundering concerns

In a candid exchange, Cyprus's President, Nikos Christodoulides, responded to concerns raised by Ukrainian MP Oleksiy Goncharenko regarding the alleged use of Cyprus by Russian oligarchs for money laundering.

President Christodoulides acknowledged past mistakes, stating, "Errors were made in the past, and the first to pay for these mistakes were the Republic of Cyprus and its people."

On the issue of Russia's invasion of Ukraine, President Christodoulides condemned the Russian aggression, emphasizing that Cyprus has consistently aligned with the correct side of history.

He expressed solidarity with Ukraine and stressed the illegality of any invasion, whether from Russia or Turkey.

Addressing European Union sanctions, the President asserted, "From the outset, we implement all EU sanctions," while raising concerns about certain countries within the EU that may render the sanctions ineffective.

Without naming specific nations, he indirectly referred to potential allies of Ukraine, possibly alluding to Turkey.

Acknowledging past errors in Russian investments in Cyprus, President Christodoulides boldly stated, "Yes, mistakes were made."

He emphasized that Cyprus is moving forward, citing reports, including those from Moneyval, to assure that the era of golden passports and visas is firmly in the past.

The President's frank discussion sheds light on Cyprus's commitment to rectify past mistakes and uphold transparency, signaling a new chapter for the island nation.