Nicosia, Cyprus. The Supreme Court ruled on Tuesday that bank safe deposit boxes can be searched when there is reasonable suspicion that evidence is hidden there, allowing police to obtain search warrants for this purpose.
Ruling linked to cryptocurrency fraud investigations
According to the Law Office, the decision was connected to large-scale cryptocurrency fraud investigations in Europe, in which suspects sought the cancellation of search warrants for their deposit boxes in Cyprus.
Warrants transmitted from France
The search warrants had been issued in Europe and transmitted to Cyprus authorities from France, where many people had fallen victim to fraud, as in other European countries.
Allegations of investment fraud and money laundering
People believed to be members of criminal organisations had offered investment opportunities in cryptocurrency that initially appeared to yield significant profit. Authorities said victims’ capital was transferred through companies in Cyprus, Singapore, the Virgin Islands and Hong Kong for the purchase of property intended for money laundering.
Court finds boxes could contain evidence
The Supreme Court acknowledged that evidence could be kept in places such as bank deposit boxes, which are considered safe for storing valuable objects.
Request to cancel warrants rejected
The court rejected the demand to cancel the search warrants, finding sufficient evidence linking the safe deposit boxes with the sought evidence, without the need to prove the offences at this stage.
How do you think this ruling will affect future financial crime investigations involving bank safe deposit boxes?
