Title: Cypriot Government and US Authorities Strengthen Cooperation to Combat Financial Crimes
New Partnership Bolsters Efforts against Money Laundering and Sanctions Evasion
The Cypriot government and US authorities have announced a new partnership to address money laundering, sanctions evasion, and other financial crimes originating from Cyprus’ financial and professional services sectors.
Collaboration between Cypriot and US Agencies
- Cypriot law enforcement agencies to sign a memorandum of understanding (MOU) with the U.S. Justice Department and FBI
- US Justice Department to share expertise and resources with Cypriot counterparts
- Cyprus Law Office of the Republic and the Finance Intelligence Unit (MOKAS) involved
- US State Department’s Bureau of International Narcotics and Law Enforcement Affairs also participating
Cross-Border Journalism Investigation Exposes Concerns
- ICIJ-led investigation revealed Cyprus’ significant role in moving money for Russian regime and questionable actors
- Nearly 800 offshore companies and trusts identified, over 650 linked to Cyprus
Cyprus Seeks Assistance from US
- Cypriot President calls for American assistance in response to investigation
- Immediate response: FBI and Financial Crimes Enforcement Network specialists arrived in Cyprus
- Approval for oversight body for professional-services sector
Oversight Body and Criticism
- Cyprus Securities and Exchange Commission (CySEC) to lead oversight authority
- Collaboration with Cyprus Bar and Accountants Associations
- Cyprus Bar Association expresses concerns over attorney-client privilege and other issues