Supreme Court allows search of safe deposit boxes

Safe deposit boxes held in banks can be searched when there is reasonable suspicion that evidence is hidden there, the Supreme Court ruled on Tuesday, giving the police authority to obtain search warrants for this purpose.

The decision, according to the Law Office, was connected to large-scale cryptocurrency fraud investigations in Europe, during which suspects had requested the cancellation of search warrants for their deposit boxes in Cyprus.

The warrants had been issued in Europe and transmitted to the Cyprus authorities from France, where many people had fallen victim to fraud as in other European countries.

People believed to be members of criminal organisations had offered investment opportunities in cryptocurrency, which initially appeared to yield significant profit. However, the capital of their victims was being transferred through companies in Cyprus, Singapore, the Virgin Islands and Hong Kong for the purchase of property intended for money laundering.

The Supreme Court acknowledged that evidence could be kept in places such as bank deposit boxes, which are considered safe for storing valuable objects.

It thus rejected the demand to cancel search warrants, deeming that there was sufficient evidence to link the safe deposit boxes with the elusive evidence, without the necessity to prove the offences at this stage.