The recovery of assets derived from illegal activities remains a key priority for Cyprus authorities, deputy Attorney-General Savvas Angelides said on Tuesday.

Addressing a three-day training symposium organised by the Law Office in Limassol, Angelides stressed that tackling crime goes beyond punishing unlawful acts and extends to depriving offenders of their illicit gains.

Confiscating illegal proceeds plays a crucial role in preventing future crimes and protecting victims, he added.

“In an evolving financial environment, with new financial products and technologies, new opportunities are created for organised criminal groups to move and conceal illicit funds and other assets,” Angelides said.

He warned that criminals are increasingly exploiting shell companies, employing sophisticated money-laundering techniques and complex cross-border ownership structures, while rapidly transferring funds and valuables using digital assets such as cryptocurrencies, digital currencies and electronic money within the EU and beyond.

“As a result of this rapidly evolving financial landscape, ‘following the money’ becomes even more difficult for national authorities,” he added.

“Our task is not easy,” he said, calling for investment in capacity building and training, strengthening of relevant bodies and competent authorities, and modernising legislation.

He said public-private partnerships could also be leveraged, as shown by the recent cooperation initiatives in Cyprus involving the Financial Intelligence Unit (FIU), police and commercial banks aimed at improving the understanding of illicit financial flows and enabling timely intervention.