Cyprus has been drawn into a high-profile international controversy after a Vanity Fair investigation alleged that bank accounts on the island were used as part of a network of financial transactions connected to Jared Kushner, son-in-law and former senior adviser to US President Donald Trump.
The report, based on an extract from an upcoming book by journalist Matthew Cole, claims that substantial sums originating in the Middle East were transferred through Cyprus before being routed to other destinations.
Alleged Cyprus link
According to the investigation, funds were allegedly moved from Israel to bank accounts in Cyprus as part of a wider network of transactions involving Gulf states.
The report references two accounts identified by the code names "Alpha" and "Beta", through which money allegedly linked to Gulf sources was transferred.
Particular attention is given to the so-called Beta account, which the article alleges received around $1 billion originating from the United Arab Emirates via Azerbaijan.
The report further claims that part of those funds later passed through bank accounts in Cyprus.
However, the publication does not identify any Cypriot banks, disclose account details or specify the amount of money that may have passed through Cyprus.
Nor does it provide evidence that any Cyprus-based financial institutions or individuals were aware of alleged wrongdoing.
Dutch intelligence operation at centre of claims
The investigation links the alleged transactions to an operation reportedly conducted by the Netherlands Military Intelligence and Security Service (MIVD).
According to the report, Dutch intelligence officers allegedly gained access to Kushner's mobile phone in early 2018 after obtaining information traced to a former associate of Russia's military intelligence service, the GRU.
The article alleges that Dutch operatives were able to monitor activity on Kushner's device and observed access to a Dubai-based bank account containing hundreds of millions of dollars transferred through an Azerbaijani bank.
A source cited by the journalist claimed that funds from the account were subsequently transferred to several individuals, including a warlord, a mercenary and a person alleged to have worked as a contract killer.
Claims of wider Middle East funding network
The Vanity Fair report links the alleged transactions to relationships Kushner developed with leaders in Saudi Arabia and the United Arab Emirates during Trump's first presidency.
According to the allegations, discussions took place regarding the creation of a multibillion-dollar financial mechanism to support diplomatic and political objectives in the region.
The article claims that more than $10 billion was initially discussed and that approximately $2 billion was ultimately placed in accounts allegedly linked to Kushner.
The report associates the alleged funding with efforts to normalise relations between Israel and several Arab states, as well as broader diplomatic initiatives pursued by the Trump administration.
Questions remain unanswered
The allegations raise several unanswered questions regarding the Cyprus connection.
Among them are:
- Which financial institutions were allegedly used.
- How much money, if any, moved through Cyprus.
- Who was listed as the beneficiary of the accounts.
- The final destination of the transferred funds.
- Whether any regulatory or law enforcement agencies examined the transactions.
The article notes that the existence of transactions routed through Cyprus would not, by itself, indicate illegality or establish wrongdoing by any Cypriot institution.
Kushner rejects allegations
Kushner has categorically denied the claims, describing them as false and unsupported.
In a statement posted on X, he argued that the author had produced no bank records, wire transfer documentation, account numbers or other verifiable evidence to substantiate the allegations.
He also noted that similar claims had not emerged during extensive investigations conducted during Trump's first term in office.
For its part, the Dutch intelligence service declined to comment on reports concerning any surveillance operation, maintaining its policy of not discussing operational methods or intelligence sources.
As things stand, the allegations published by Vanity Fair remain unverified claims that have not been independently confirmed through publicly available evidence.
Source: Vanity Fair investigation by Matthew Cole
