FBI and Cyprus Police Join Forces: A New Memorandum of Cooperation against Financial Crimes and Money Laundering
Cyprus and The Federal Bureau of Investigation (FBI) Unite
The Cyprus Council of Ministers recently announced a new memorandum of cooperation between the Cyprus Police and the Federal Bureau of Investigation (FBI) to bolster efforts against financial crimes, money laundering, and sanctions violations [1].
Deepening Cooperation with the US
Nicosia’s commitment to closer cooperation with the US on money laundering issues led to this collaboration, which is expected to further strengthen both nations’ legal frameworks and law enforcement capabilities.
Primary Focus: Exchange of Information and Expertise
The primary focus of the agreement lies in the exchange of:
- Information
- Knowledge
- Investigative practices
This shared knowledge will deepen the investigative prowess of the Cyprus Police regarding complex financial investigations, ensuring effective prosecution alongside the US justice system.
International Scrutiny and Proactive Measures
In the face of increasing international scrutiny regarding countries traditionally associated with offshore financial activities and associated risks [2], Cyprus is taking proactive measures to address these concerns.
Sharing Best Practices
The agreement will also permit both parties to share best practices in the field of financial investigations, with the Cyprus Police directly benefiting from the FBI’s extensive experience and expertise in financial investigations.
Strengthening Capabilities and Commitment
In summary, the new memorandum of cooperation between the US FBI and the Cyprus Police represents a significant step forward in enhancing Cyprus’ ability to combat financial crimes, money laundering, and violations of international sanctions.
By sharing knowledge, methodologies, and tactics, this partnership significantly strengthens the capabilities of both law enforcement agencies and reaffirms Cyprus’ commitment to cooperating with the international community in the fight against financial crimes.
[1] “Cyprus and USA join forces to tackle financial crimes,” Cyprus Mail, July 25, 2023. [2] See “Money Laundering in Cyprus: An Analysis,” The Business Year, April 1, 2021.