Title: FBI and Cyprus National Police Sign Memorandum of Understanding to Boost Cyprus’ Fight Against Financial Crimes

Collaboration between US DOJ, FBI, and Cyprus National Police

Two crucial justice systems are taking a significant step forward in their efforts to combat illicit finance. The United States Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and the Republic of Cyprus (ROC) have accepted a request from ROC President Nicos Christodoulides to formalize their collaboration through a Memorandum of Understanding (MoU). The signing ceremony is slated to take place in the coming days.

Boosting Capabilities to Detect, Investigate, and Prosecute Financial Crimes

This agreement marks a substantial enhancement to Cyprus’ capacity in detecting, investigating, and prosecuting financial crimes. The U.S. Department of Justice will share its expertise and resources, providing indispensable assistance to ROC law enforcement entities. Some of the key partners, including the Law Office of the Republic (LOR) and the Finance Intelligence Unit (MOKAS), are also anticipated to benefit from the collaboration.

Enhancing Cyprus’ Existing Anti-Money Laundering and Sanctions Evasion Efforts

By partnering with the DOJ, Cyprus aims to augment its existing efforts to counter money laundering and sanctions evasion. In 2024, various DOJ entities, such as the FBI, Office of Overseas Prosecutorial Development, Assistance and Training (OPDAT), Task Force KleptoCapture, and the Money Laundering and Asset Recovery Section (MLARS), will collaborate with their Cypriot counterparts. This partnership is expected to lead to the proactive detection, investigation, and prosecution of financial crimes with ties to Cyprus.

The U.S. investment in Cyprus’ capacity is substantial, signaling a new chapter in the fight against illicit finance.

ROC President’s Gratitude and U.S. Commitment

ROC President Christodoulides expressed gratitude for this partnership: “This collaboration is a positive step forward in our ongoing efforts to counter illicit finance and bolster the integrity of our legal system and economy.”

FBI Assistant Director Craig Monford acknowledged the importance of this cooperation: “The FBI is committed to working with our international partners to protect the global financial system against criminal exploitation. This agreement signifies our dedication to that mission and marks an essential milestone in our strategic partnership with Cyprus.”

Significant Progress in the Battle Against Financial Crime in Cyprus

The close collaboration between the American and Cypriot justice systems is welcomed developments that promise to enhance Cyprus’ ability to counteract money laundering and strengthen its prosecutions.