Enhancing Cypriot Capabilities in Financial Crime Prevention
In a significant move to bolster the fight against financial crimes, Cyprus and the US embassy have declared a new chapter of cooperation among the countries’ justice systems. This collaboration aims to strengthen Cypriot capabilities in countering illicit finance, marking a proactive step towards international law enforcement cooperation.
The partnership involves the United States Department of Justice (DOJ), the Federal Bureau of Investigation (FBI), and is supported by the US Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL) along with Embassy Nicosia. These entities will work directly with the Republic of Cyprus (ROC) law enforcement to bolster efforts in identifying and prosecuting financial crimes.
An upcoming memorandum of understanding between the FBI and the Cyprus police will formalize this cooperation, which also includes collaboration between the attorney general’s office and the finance intelligence unit (Mokas). The DOJ plans to share its expertise with Cypriot counterparts throughout 2024, assisting in the proactive detection, investigation, and prosecution of financial crimes that have a connection to Cyprus.
The announcement comes on the heels of recent sanctions imposed by the US on a Cyprus-based company. Tokentrust Holdings, with a registered office in Limassol, has been added to the Office of Foreign Assets Control (OFAC) list of designated entities due to its ties with Russia’s financial sector. The company, which is a majority shareholder of Atomaiz, a Moscow-based fintech firm, was established on June 11, 2020, and is registered at an address shared with the Tsirides Law Firm.
US ambassador to Cyprus, Julie Fisher, highlighted the significance of this cooperation on social media platform X, noting that one of the 13 entities sanctioned is Cypriot registered. She emphasized the value the US places on working closely with Cypriot authorities to bring sanctions evaders to justice. This collaboration underscores a mutual commitment to upholding financial integrity and combating economic crimes at an international level.
