Financial Crime World

FBI and Cypriot Police to Boost Cooperation Against Financial Crimes

Nicosia, Cyprus - In a bid to enhance their collaboration in combating money laundering, sanctions evasion, and other financial crimes, the United States and Cyprus announced on Tuesday the formalization of their partnership.

Strengthening Collaboration

According to a joint statement, U.S. law enforcement agencies will extend their expertise to Cypriot authorities in proactively detecting, investigating, and prosecuting financial crimes within the Mediterranean island nation.

Upcoming Agreement

The FBI and Cypriot police are scheduled to sign a memorandum of understanding in the near future. The agreement features the Department of Justice offering assistance in investigations and knowledge-sharing in combating financial crimes.

Cooperation will also include mutual legal assistance and training for Cypriot law enforcement personnel.

Request for Assistance

Last year, Cyprus’ President Nikos Christodoulides invited FBI and Department of Justice officials to the country, seeking help in investigations surrounding allegations that some Cypriot financial service providers had assisted Russian oligarchs in evading international sanctions.

International Sanctions and U.S. Actions

Despite Cyprus’ persistent assertions that it has abided by international sanctions imposed on Russia following its invasion of Ukraine, the United States has taken action against several Cypriot-based companies, lawyers, and accountants suspected of helping clients circumvent the sanctions.

Enhancing Capabilities

With this new partnership, U.S. expertise and resources will be made available to Cypriot law enforcement agencies to fortify their efforts to combat financial crimes. This initiative guarantees the integrity of the Cypriot financial system and strengthens international cooperation in the fight against financial crimes.

Significant Bilateral Development

Although this collaboration concentrates solely on financial crimes and does not represent a formal bilateral agreement on defense matters, it is a substantial development in the U.S.-Cyprus relationship. The two countries have historically shared a cultural bond, with the U.S. maintaining a considerable military presence in Cyprus for decades.