American Experts to Analyze Controversial 'Cyprus Confidential' Video Data

A team of American experts arrived in Cyprus to investigate the scandal connected with corruption and organized crime in Cyprus.

This was announced on Monday, December 4, by government spokesman Constantinos Letimbiotis.

According to Letimbiotis, the foreign team includes 24 specialists from the US Federal Bureau of Investigation (FBI) and the Financial Crimes Enforcement Network (FinCEN). They are expected to assist the Cypriot authorities in investigating 29 controversial cases.

It is worth recalling that last month the YouTube channel of the International Consortium of Investigative Journalists (ICIJ) published a scandalous video with Cyprus as the main subject.

The report, titled Cyprus Confidential ("Cyprus Secrets"), focuses on corruption and organized crime in Cyprus.

More than 270 journalists from 68 news outlets based in 55 countries around the world took part in the extensive investigation, which lasted about eight months. Also working closely with ICIJ were the Center for Corruption and Organized Crime Research (OCCRP), the German company Paper Trail Media, and the non-profit organization Distributed Denial of Secrets.

According to the consortium, the journalists received a large number of documents confirming manipulations on behalf of oligarchs to circumvent sanctions imposed on them, data on trusts in which the ultimate beneficiaries are not visible, on numerous violations of the conditions of the "golden" passport program, as well as superficial checks of dishonest investors, as a result of which they escaped criminal liability.

The video claims that the report is based on more than 3.6 million files provided by anonymous sources on the activities of six Cypriot companies involved in company registration and consulting, and a Latvian firm that allegedly sells documents from the Cyprus corporate registry through the i-Cyprus website. However, it was the Cypriot unit of the well-known consulting firm PwC that took center stage.

Together reporters found out how PwC Cyprus worked with small firms specializing in setting up shell companies and providing shell directors to dozens of oligarchs. The documents show that PwC Cyprus used offshore structures to hide the assets of Russians caught up in Western and Ukrainian sanctions since 2014. The documents include more than 60 oligarchs and at least 71 clients who have been sanctioned since February 2022.

Letimbiotis emphasized that the US experts flew to the island to assist the local police at the request of Cyprus President Nicos Christodoulidis. It should be noted that this is not the first time that American experts have visited Cyprus to resolve such issues.

Earlier, Cyprus' attorney general told MPs that it might be difficult to convict those who evade sanctions, but promised that there would be a thorough investigation into the allegations that came to light through the Cyprus Confidential exposé.