The Mediterranean island launched the scheme offering passports for an investment in 2013, with more than 3,000 people gaining citizenship through the program.
A committee of experts from the Council of Europe, known as MONEYVAL, said in a report released on Wednesday that, although Cyprus had broadly taken measures to mitigate key money laundering risks, the risk of vulnerabilities in the investment program had increased "exponentially" via real estate, the investment vehicle of choice.
