Cyprus says it will adopt FBI guidance on tackling financial crime and sanctions evasion
A US crew that spent 9 months on Cyprus has produced an in depth report outlining particular suggestions and proposals together with extra employees coaching, upgrading high-tech programs and amending present laws.
Authorities in Cyprus have mentioned they are going to undertake the suggestions of a safety initiative developed with assist from the US to combat cash laundering, sanctions evasion and different monetary crimes.
The announcement comes after a crew from the Federal Bureau of Investigation (FBI) was seconded to the Mediterranean island nation for 9 months.
The FBI crew helped to coach Cypriot police to determine and prosecute circumstances of unlawful financing and makes an attempt to evade US, EU and UN sanctions imposed on any third nation.
The US crew has additionally produced an in depth report outlining particular suggestions and proposals together with extra employees coaching, upgrading high-tech programs and amending present laws, Cyprus authorities spokesman Konstantinos Letymbiotis mentioned.
He mentioned Cypriot regulation enforcement authorities are at present seeking to put into use the suggestions to bolster their effectiveness.
The joint initiative was arrange in 2023 underneath the Biden administration after Cypriot President Nikos Christodoulides invited FBI and Justice Division officers to help with investigations into allegations that Cypriot monetary service suppliers had helped Russian oligarchs skirt worldwide sanctions.
Since then, the Trump administration has disbanded the Biden-era Process Drive KleptoCapture, a programme which was geared toward seizing the property of Russian oligarchs.
Nonetheless, final week, Trump mentioned he’s “strongly contemplating” levying new sanctions and tariffs on Russia except it stops its struggle in opposition to Ukraine.
Christodoulides has pledged to scrub up Cyprus’ fame as a cash laundering and sanctions evasion hub.
As a part of these efforts, Cypriot regulation enforcement businesses obtained coaching on monetary investigative and forensic accounting methods each domestically and on the Worldwide Legislation Enforcement Academy within the Hungarian capital, Budapest, in keeping with a Cyprus-US joint assertion issued final yr.
The UK mentioned final December it could share info with the Cypriot Ministry of Finance “to disrupt and intercept the circulate of illicit finance via Europe to make sure the effectiveness of sanctions on Putin’s struggle machine”.
