US financial crime experts meet with local authorities

The experts who arrived in Cyprus from the US to assist investigations into alleged financial crimes have been meeting with all the local authorities and bodies, according to Government Spokesperson Konstantinos Letymbiotis.

Letymbiotis told a media briefing that President Nikos Christodoulides met with the experts straight after they arrived on the island.

“Their mission is to assist in the investigation process, to exchange best practices based on their experience in investigating financial crimes, but also to identify any areas for improvement in the procedures or the way these crimes are investigated," he explained.

Asked which US agency the experts are from, he said he could not at the moment be more specific. As the spokesman said, the experts will be staying for a few days but will come back at a later date, while another team of experts will be joining them as well.

President Christodoulides decided to call in the experts following the release of the International Consortium of Investigative Journalists’ “Cyprus Confidential” report last month, which contained a series of allegations that Cyprus-based firms helped sanctioned Russians move assets. The US team’s expertise in dealing with such financial crimes will help the local authorities properly investigate the claims made in the report.

The President also announced the launch of an international campaign to fully communicate the huge strides Cyprus has made when it comes to AML/CTF regulation.

Read More

Christoforos Soutzis on how Limassol-based Capital.com has emerged as one of Europe's top trading platforms
Omri Nir: Prop trading a key trend for brokerage industry in next couple of years
The buildings taking Limassol onwards and upwards
Official data show increase of economic activity in all sectors in 2022
Real estate investment opportunities by AstroBank in Paphos, Famagusta and Nicosia
Seasonality leading to €25m loss this year, PASYXE President estimates
Moody's upgrades Bank of Cyprus' long-term deposit ratings to Baa1
Deputy Minister welcomes Cyprus' 'Digital Decade of Europe' progress
Plenum to ratify agreement bringing US visa waiver closer
Cyprus' status as a ‘Strong Innovator’ highlights increased potential, RIF says