Cyprus and US to Collaborate on Combating Money Laundering

Written by Camilla Jessen

Mar.26 - 2024 2:54 PM CET

Photo: Alexandros Michailidis / Shutterstock.com
Photo: Alexandros Michailidis / Shutterstock.com
Cyprus and the United States will sign an agreement on cooperation in the fight against money laundering.

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The governments of Cyprus and the United States are set to enhance their collaboration in boosting Cyprus's efforts to combat and prosecute money laundering activities.

According to Reuters, an agreement will soon be signed between the FBI and Cyprus's police to formalize this partnership. This agreement will involve cooperation between law enforcement agencies from both countries and Cyprus's main law enforcement partners.

The collaboration is supported by the U.S. Department of Justice and the FBI, with assistance from the State Department's Bureau of International Narcotics and Law Enforcement Affairs (INL) and the U.S. Embassy in Nicosia. This initiative comes at the request of Cypriot President Nicos Christodoulides.

This development follows the arrival of FBI agents in Cyprus to assist in investigations related to sanction violations by Russian oligarchs, amid Russia's full-scale invasion of Ukraine. The American investigators aimed to uncover how local professionals facilitated these wealthy individuals in evading EU sanctions post-invasion.

Cypriot authorities are reported to be seeking specialized assistance in investigating Alexei Mordashov, a Russian tycoon with interests in steel, mining, and banking. Mordashov allegedly attempted to transfer £1bn worth of shares in the travel company TUI as sanctions were imposed on him.

President Nikos Christodoulidis of Cyprus has consistently emphasized a "zero tolerance" policy towards sanction violations.

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