Financial Crime World

Title: FBI to Boost Cyprus’s Fight Against Financial Crime: New Cooperation Deal

Subheadline: An MoU between the FBI and the Cyprus National Police marks a new era in the Mediterranean island’s battle against illicit finance.

CYPRUS CITY, Cyprus — The Cyprus National Police (CNP) and the Federal Bureau of Investigation (FBI) have signed a Memorandum of Understanding (MoU) aimed at expanding Cyprus’s capabilities in countering financial crimes.

Collaboration to Strengthen Cyprus’s Position in the EU and Beyond

  • Law enforcement cooperation: The MoU covers law enforcement cooperation, intelligence sharing, and collaboration on ongoing inquiries.
  • Global partner in the fight against financial crimes: This partnership is expected to strengthen Cyprus’s position as an active partner in the EU and beyond in the global fight against money laundering and other financial crimes.

Expert Assistance from the FBI

  • The FBI, renowned for its expertise in financial crimes and fraud investigations, will share its knowledge and resources with the CNP.
  • Improvement in Cyprus’s capacity to identify and dismantle transnational organized crime groups.

Sectoral Focus: Assessing Potential Risks and Improving AML Measures

  • Real estate, gaming, and financial sector: The FBI’s assistance is expected to help Cyprus’s financial intelligence unit (CFIU) assess potential risks in sectors susceptible to money laundering, such as real estate, gaming, and the financial sector.
  • Banking sector: The collaboration aims to improve the effectiveness of anti-money-laundering measures in the country’s banking sector.

Meeting EU Requirements and Ensuring Continued Participation

  • The EU has closely monitored Cyprus’s progress on financial crime countermeasures, and the new MoU is anticipated to help the jurisdiction meet the EU’s 4th Anti-Money Laundering Directive (AMLD4) requirements more effectively, ensuring its continued participation in the EU financial system.

Coordination and US Embassy’s Role

  • The Cyprus Ministry of Interior and the U.S. Embassy in Nicosia have been working closely together to coordinate the agreement’s framework.

Ongoing Battle Against Financial Crimes and Future International Cooperations

  • Despite the recent progress, authorities acknowledge that the battle against financial crimes is ongoing, and international cooperation is essential in addressing these threats.
  • This cooperation is expected to pave the way for further international cooperations and partnerships, potentially attracting more foreign direct investment to Cyprus and boosting its economic growth.

Committed to Combating Transnational Organized Crime

  • The cooperation between Cyprus and the FBI comes after Cyprus’s recent ratification of the United Nations Convention against Transnational Organized Crime, which entered into force on April 1, 2023.
  • This move strengthens Cyprus’s commitment to combatting transnational organized crime, further bolstering its reputation as a responsible member of the international community.