Cyprus will begin the process of revoking passports belonging to seven individuals who obtained them by submitting false information on their applications for the country’s Citizenship by Investment Program, according to a Wednesday government press release.
The U.S. is seeking to recover more than US$300 million in assets it says are linked to the multi-billion dollar scandal surrounding a Malaysian development fund.
A Hollywood mansion formerly owned by the fugitive financier accused of masterminding the notorious 1MDB scandal, and which he may have used to launder some of the US$4.5 billion siphoned from Malaysia’s state coffers, is on sale for US$29 million.
Cypriot outlet Politis on Wednesday published a list of 26 foreign investors and their family members from outside the EU whose Golden Visas it says are to be stripped by the Cyprus government. Earlier reports noted the nationality of the investors, but did not name names.
Cypriot former Interior Minister Sokrates Hasicos denied on Monday media reports saying Malaysian fugitive Jho Taek Low - a key figure in a multi-billion dollar embezzlement scheme - had acquired Cypriot citizenship in 2015 just two days after applying.
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