Cyprus And The United States Sign Up To Tackle Financial Crime Together

• Published date: 05 April 2024
• Subject Matter: Government, Public Sector, Criminal Law, Money Laundering, White Collar Crime, Anti-Corruption & Fraud
• Law Firm: Rahman Ravelli Solicitors
• Author: Niall Hearty

Niall Hearty of Rahman Ravelli outlines the agreement between the two nations.

The United States and Cyprus are to formalise their combined efforts to tackle money laundering, sanctions evasion and other forms of financial crime.

An agreement is to be signed that will see law enforcement authorities in Cyprus offered the benefit of US expertise.

The agreement between the FBI and Cypriot police will include measures relating to the US Department of Justice (DOJ) offering help to detect, investigate and prosecute cases involving financial crimes in Cyprus.

Last year saw the Cypriot President Nikos Christodoulides invite FBI and DOJ officials to assist with investigations into allegations that Cypriot financial service providers had helped Russian oligarchs evade international sanctions. This followed revelations coordinated by the International Consortium of Investigative Journalists, which detailed how Cyprus was playing an even bigger than expected role in laundering money for Russian President Vladimir Putin's autocratic regime and other dictators.

Cyprus has emphasised its compliance with sanctions imposed on Russia after the 2022 invasion of Ukraine. But US authorities have targeted a number of Cyprus-based companies, lawyers and accountants that are suspected of having helped...