Former Cypriot president Nicos Anastasiades’ law firm faces money laundering investigation

The law firm founded by and still closely associated with former Cypriot President Nicos Anastasiades is facing renewed scrutiny after Cyprus’s Independent Anti-Corruption Authority recommended criminal investigations for money laundering and perjury.

According to the Authority’s report, the firm Nicos Chr. Anastasiades & Partners allegedly facilitated the laundering of proceeds from illegal activities by channelling millions of dollars belonging to Russian oligarchs between shell companies in the Caribbean. The firm is 50% owned by Anastasiades’ two daughters.

Who is Nicos Anastasiades?

Nicos Anastasiades served as President of Cyprus from 2013 to 2023. A veteran centre-right politician and founder of the DISY party, he played a central role during the country’s 2013 banking crisis and in negotiations on the Cyprus problem. His family law firm has long been one of Cyprus’s most prominent, specialising in corporate, offshore, and citizenship services.

Two major cases

The recommendations stem from two high-profile cases detailed in investigative journalist Makarios Drousiotis’s book Mafia State:

The Troika Laundromat (2019)

An OCCRP investigation revealed that the firm allegedly moved millions of dollars between shell companies for high-risk clients. Although Cyprus’s anti-money laundering unit (MOKAS) received a formal referral from an auditing firm, it only acted after Anastasiades personally requested an investigation. MOKAS later publicly cleared the firm and Anastasiades in a statement that investigators now describe as flawed and incomplete.

The Pandora Papers (2021)

Leaked documents showed the firm assisting Russian oligarchs Leonid Lebedev and Alexander Abramov in obtaining Cypriot citizenship (“golden passports”) and managing offshore assets. The Authority highlights false declarations, missing documents, conflicts of interest, and perjury. Partners of the firm, including Anastasiades’ daughter Elsa, allegedly signed documents claiming they were not acting as representatives while simultaneously managing trusts worth millions for the clients.The report also points to potential personal benefits for Anastasiades, including the alleged use of Lebedev’s private jet.

Former Cypriot president Nicos Anastasiades faces multiple corruption allegations

Recommendations

The Anti-Corruption Authority recommends criminal investigations into the law firm, its partners, and former President Anastasiades himself for money laundering, perjury, influence peddling, and abuse of power.

The case now lies with the Attorney General, who will decide whether to proceed with prosecutions.

This latest development adds to long-standing international concerns about Cyprus’s role as an offshore financial centre and the potential overlap between political power and private business interests on the island. Anastasiades and his firm have previously denied all allegations of wrongdoing.

The original article by EUalive’s partner Politis can be found here.

Caption: A photo dated 11 February 2022, when Anastasiades was still President of Cyprus.