Financial Crime World

Cyprus SeeksForeign Assistance to Combat Alleged Sanctions Evasions and Corruption

President NikosChristodoulides of Cyprus has reached out to a ’third country’ forassistance in investigating allegations of sanctions evasions and corruption involvingCypriot financial service providers. In an exclusive interview with the Associated Press,President Christodoulides emphasized the need to ensure transparency and attractionspecific foreign investment to Cyprus, stating:

“absolutely no shadows are cast over our country.”

Investigating Allegations

  • Multiple investigations into alleged sanctions evasions underway
  • Refused to provide specific details
  • Reports suggest Cyprus-based lawyers and accountants facilitated sanction evasion for Russian oligarchs
    • Complex network of companies and trusts to circumvent sanctions
    • Leaked documents claimed involvement of Cypriot firms

Foreign Experts to Assist

  • Experts to aid in investigations and accelerate the process
  • Restores domestic confidence in the justice system
  • Protects Cyprus’ reputation

Establishing Single Supervisory Authority

  • Independent body of financial crime experts to combatmalfeasance and sanctions evasion
  • Draft law prepared for parliamentary debate and approval

Strengthening the Police’s Financial Crimes Unit

  • Plans to hire additional experts with legal or accountingbackgrounds
  • Reforming Cyprus’ banking sector since the 2013 financial crisis
  • Firm stance against any allegations tarnishing Cyprus’ name

New Humanitarian Corridor Proposal

  • UN Secretary-General António Guterres to notify Cypriot government
  • New choice for envoy to explore possibility of talks to reunify ethnically divided country

Countries Interested in Investing in Cyprus

  • Countries from the wider Middle East showing interest in investing
  • Particularly in energy, health services, education, and information technology

President Christodoulides’ Address to the Association of International BaptistMissionaries

  • Assured full cooperation for the missionaries to operate in peace
  • Emphasized commitment to the principles of freedom of religion and human rights