NICOSIA, Cyprus — On Thursday, Cyprus announced it will implement recommendations from a collaborative security initiative with the United States aimed at combating money laundering, sanctions evasion, and other financial crimes. This strategy involved a team from the FBI working on the Mediterranean island for a duration of nine months.
The FBI has provided training to Cypriot police, focusing on skills for identifying and prosecuting cases related to illegal financing and the circumvention of sanctions imposed by the U.S., the European Union, and the United Nations. In addition, the U.S. team produced a comprehensive report with detailed recommendations and proposals. These suggestions cover aspects such as additional staff training, enhancing high-tech systems, and amending current legislation, as stated by Cyprus government spokesman Konstantinos Letymbiotis.
Cypriot law enforcement is now actively working to adopt these recommendations as part of efforts to enhance their efficiency. This joint initiative emerged under the Biden administration after Cyprus’s President Nikos Christodoulides invited officials from the FBI and the Justice Department to aid in probing allegations that some Cypriot financial services were assisting Russian oligarchs in bypassing international sanctions.
Since then, the Trump administration has dismantled the Biden-era Task Force KleptoCapture program, initially established to target the assets of Russian oligarchs. However, in a recent development, President Donald Trump stated he is considering implementing new sanctions and tariffs on Russia due to its ongoing conflict with Ukraine.
President Christodoulides remains committed to improving Cyprus’s international standing by eradicating its notoriety as a center for money laundering and sanctions evasion. In line with these efforts, Cypriot law enforcement agencies have undergone training in financial investigative and forensic accounting techniques both locally and at the International Law Enforcement Academy based in Budapest, Hungary, as mentioned in a joint Cyprus-U.S. statement.
Last December, Britain also declared its intention to share information with the Cypriot Ministry of Finance. This collaboration aims to disrupt and intercept illicit financial flows across Europe, thereby enhancing the effectiveness of sanctions against Vladimir Putin’s ongoing military endeavors.