Financial Crime World

FBI and Cyprus Police Set to Bolster Cooperation Against Financial Crimes: New MoU in the Works

The Republic of Cyprus and the United States are strengthening their partnership to combat financial crimes through a new collaborative initiative. This comes in response to a request from Cypriot President, Nicos Christodoulides, for enhanced capabilities in this area.

Enhancing Capabilities Against Financial Crimes

  • The US Department of Justice and the FBI, supported by the Bureau of International Narcotics and Law Enforcement Affairs and the US Embassy in Nicosia, will formalize their partnership with the Cypriot law enforcement authorities.
  • A Memorandum of Understanding (MoU) between the FBI and the Cypriot Police is expected to be signed in the coming days.

Cooperating to Identify and Investigate Financial Crimes

  • This agreement aims to streamline collaboration between both countries’ legal systems.
  • The US Department of Justice will share its expertise with Cypriot authorities in identifying and investigating financial crimes.

Impact on Money Laundering and Sanction Evasion

  • This collaboration is a significant investment in the Republic of Cyprus’ capabilities.
  • It is a vital step towards strengthening the Republic’s efforts against money laundering and sanction evasion.

OFAC Imposes New Sanctions on Cyprus-based Company

While this news unfolds, the US Treasury Department’s Office of Foreign Assets Control (OFAC) has announced new sanctions against 15 entities, including a Cyprus-based company named Tokentrust Holdings Ltd.

Impact of Sanctions

  • The sanctions aim to limit Russia’s ability to utilize the international financial system.
  • They also hinder funding for Russia’s war against Ukraine.

Addressing Concerns over Alternative Payment Methods

  • The US Deputy Treasury Secretary, Brian Nelson, expressed concern over Russia’s increasing reliance on alternative payment methods to circumvent US sanctions.

Continued Efforts to Combat Financial Crimes

  • The Treasury Department will persistently expose and disrupt companies attempting to aid sanctioned Russian financial institutions.

Strengthening Capacities Against Illicit Activities

The impact of these collaborative efforts could lead to a significant improvement in both countries’ capacities to combat financial crimes and fortify their economies against illicit activities.