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Cyprus “may have 1-2” suspect Ukrainian funds

08 March, 2014

The Cyprus government is investigating whether any of the 18 disgraced Ukrainian political figures and their family members maintained illicit funds on the island.
This follows EU decisions to freeze the assets of 18 Ukrainians, including former President Victor Yanukovych and former Prime Minister Mykola Azarov, who have been identified as responsible for the misappropriation of Ukrainian state funds and for human rights violations in Ukraine.
A meeting held at the Foreign Ministry looked into this issue, with the participation of officials from the Foreign Ministry, the Central Bank of Cyprus and the Unit for Combating Money Laundering (MOKAS).
Foreign Minister Ioanis Kasoulides said after the meeting that “there may be one or two suspect accounts” in Cyprus, and that the authorities are looking into them.
In any case, Kasoulides said, all funds in Cyprus have been frozen after the Eurogroup-imposed bailout and capital controls from last year.
However, he added that the government would need court permission to impose sanctions on any funds, either of former Ukrainian officials or their family members.