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Malta is currently deliberating whether to revoke the citizenship of Semen Kuksov after his conviction in a UK court for laundering more than €14 million. Kuksov, along with his father, both Russian nationals, were granted Maltese citizenship in 2022 through Malta's citizenship by investment program, shortly before the program was closed to Russians. Maltese law allows for the revocation of citizenship if the individual is sentenced to prison for 12 months or more within seven years of acquiring it.
The case has highlighted issues in the real estate sector, where a local agent was fined for failing to conduct thorough due diligence on a citizenship investor's financial background. This incident underscores the importance of stringent verification processes to prevent financial crimes, including money laundering.
Experts emphasize the necessity of robust mechanisms to monitor and enforce compliance in both the citizenship by investment and real estate sectors, ensuring that these programs do not inadvertently facilitate criminal activities. The ongoing situations reveal the delicate balance these programs must maintain between attracting investors and preventing abuse.
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