NICOSIA, Cyprus — On Monday, officials from Cyprus and the United States announced an intensified collaborative effort aimed at combating illicit financial activities. This initiative will include extended training sessions for Cypriot law enforcement to better detect, investigate, and prosecute financial crimes.

The comprehensive plan, described as “ambitious,” encompasses 21 weeks of specialized training for various Cypriot law enforcement entities. This training will focus on financial investigative techniques, forensic accounting, and the incorporation of technology into ongoing investigations. Sessions will take place both locally and at the International Law Enforcement Academy (ILEA) in Budapest, Hungary, as outlined in a joint statement.

This latest effort builds upon a previous initiative started 20 months ago by the U.S. Department of Justice and the FBI. It aims to enhance Cyprus’ capabilities in tackling financial crime, following commitments by President Nikos Christodoulides to rehabilitate Cyprus’ image as a center for money laundering and evading sanctions.

To strengthen these efforts, the U.S. government has offered invaluable assistance, which significantly boosts Cyprus’ capacity to tackle complex financial crimes and counteract money laundering activities.

Highlighting the U.S. commitment to supporting Cypriot authorities, a decision was made to send U.S. prosecutors to Cyprus. This aims to enable local authorities to prosecute a greater number of criminals effectively, particularly in complicated cases.

While the statement acknowledged that there has been “significant progress” in the fight against financial crime, it did not provide details about any successful prosecutions related to these efforts.

“The United States and the Republic of Cyprus share a common vision for justice and are dedicated to enhancing cooperation on essential law enforcement issues,” the statement emphasized.