Financial Crime World

Title: US Justice System Deepens Collaboration with Cyprus to Combat Financial Crimes

New Phase of Cooperation between the US and Cyprus

The US Embassy in Cyprus announced a new phase of cooperation between the Republic of Cyprus (ROC) and the United States to tackle illicit financing on the island. This collaboration will begin with a Memorandum of Understanding (MoU) between the FBI and the Cyprus National Police (CNP).

Partnership to Identify, Investigate and Prosecute Financial Crimes

  • The US Department of Justice (DOJ) and Federal Bureau of Investigation (FBI), supported by the U.S. Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL) and the Embassy in Nicosia, have established direct links with the ROC’s law enforcement institutions.
  • Once signed, the MoU will enable the FBI to collaborate with the Cyprus National Police, the Law Office of the Republic, and the Finance Intelligence Unit.
  • This partnership builds on existing efforts to curb money laundering and prevent sanctions evasion.

Substantial Investment in Cypriot Capacity

From 2024, the DOJ will provide training and expertise to Cypriot counterparts to help them identify, investigate, and prosecute financial crimes with connections to Cyprus. This investment includes expert prosecutorial assistance.

President Christodoulides’ Request and US Response

  • In response to a request from ROC President Nicos Christodoulides, the US government acted to strengthen its partnership with Cyprus.
  • A team from the DOJ, including the FBI, Overseas Prosecutorial Development, Assistance and Training (OPDAT), Task Force KleptoCapture, and the Money Laundering and Asset Recovery Section (MLARS), collaborated with the INL and the Embassy Nicosia to address the president’s request.

Comments from President Christodoulides and US Ambassador

“This increased U.S. partnership will empower us to further enhance our efforts to counter money laundering and strengthen future prosecutions. We are committed to improving the strength, integrity, and resilience of the Cypriot legal system and economy.” - President Nicos Christodoulides

“I hail this deeper cooperation between the American and Cypriot justice systems as a welcome development, expressing optimism about the anticipated progress it will bring.” – Joseph Cinque, US Ambassador to Cyprus.