OCCRP: Cyprus as an intermediary in money laundering

In Greece and Cyprus, there are similarities and differences. The Organized Crime and Corruption Report (OCCRP) often reveals cases of corruption involving Cyprus.

According to the OCCRP, there is an "invisible arms race" where individuals try to move dirty money undetected, while auditors try to stop them. Money laundering mechanisms are constantly evolving.

In an investigation in Venezuela, the OCCRP recorded a conversation where a former oil official, a lawyer, and financiers discussed money laundering schemes in Madrid. One of those involved suggested sending money to the UK via Cyprus, due to the "flexibility" in compliance procedures.

The OCCRP reports that there is "particular concern" about money laundering in Europe. The OCCRP team is "investing heavily in research" to conduct operations undetected.

The investigation discussed a virtual bond swap, which one expert described as "high-level money laundering." The reference to Cyprus as an "intermediary" is common in OCCRP investigations.

The EU is monitoring these money laundering routes.