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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 Russians dodge the
impact of sanctions.
The US-Cyprus agreement will also involve the US State
Department’s Bureau of International Narcotics and Law
Enforcement Affairs, the Cyprus Law Office of the Republic and the
Cypriot Finance Intelligence Unit, known as MOKAS.
Given the prevalence of dirty money from Russia being moved
through Cyprus, this agreement is not a surprise. It is
particularly understandable given that Cyprus is an island fairly
close to the Middle East. With reports of there being over 650
companies and trusts in Cyprus serving as mother companies of
Russian holdings, subsidiaries of Russian conglomerates and opaque
entities concealing investments based there, the US commitment is a
logical reaction.
The US has formalised relations with dozens of other countries
to work together in tackling money laundering, sanctions and other
financial crime; including the likes of the UK, Australia, Brazil
and a host of European nations.
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