I just know this will be thoroughly investigated, all responsible parties held accountable, and the proper countermeasures and applicable laws will be updated to punish and disincentivise this behaviour in the future. Just kidding.

Things change when the cost-benefit analysis moves. If you apply the law strictly and effectively, the behaviour will adjust.

The cost-benefit analysis will move rather quickly if you add jail time into the calculation. If the penalty is a fine, you’ll see that just as a normal business risk.

I think you’re framing this at the wrong level: the cost-benefit analysis needs to be vs the rest of the rich world sanctioning Cyprus. It’s far from clear that it’s currently in Cyprus’s best interests to see heads roll for this, and so the rest of Europe needs to grow some balls for enforcement.