US Embassy’s Carter Wilbur: The "bad actors" and Cyprus' progress in tackling financial crime

The fight against financial crime is evolving globally, with the "bad actors" becoming increasingly agile and inventive.

In the context of the 11th International Compliance Forum presented by ECOMMBX, Carter Wilbur, Deputy Head of the Political & Economic Section at the US Embassy to Cyprus, highlighted the key role of Cyprus as a partner in a broader international effort to confront the "bad actors" as he characterised them, which is based on cooperation, information exchange and coordinated action between governments and the private sector.

Wilbur emphasised that tackling financial crime is a "natural continuation" of US efforts to enhance transparency and reduce corruption.

In the case of Cyprus, he said, significant progress is being recorded, both at the institutional and operational levels.

The participation of Cypriot authorities in the International Law Enforcement Academy (ILEA) since October 2024 provides law enforcement officers with the opportunity to learn and share best practices with international partners.

Public-private partnership in Cyprus was presented as a model. Wilbur praised the government's synergies with organisations that have led to initiatives abroad.

At the same time, the partnership with compliance bodies such as the Association of Certified Anti-Money Laundering Specialists (ACAMS) and the Unit for Combating Money Laundering and Financial Intelligence Unit of Cyprus (MOKAS) reinforces the image of a country that is actively working towards reform.

Technology, as noted, enhances but does not replace traditional compliance techniques. The tools developed by the US—such as ownership transparency mechanisms and targeted sanctions—work in addition to the basic principles of monitoring and reporting.

Wilbur cautioned, however, that basic compliance remains a foundation for any strategy, saying that the value of good, basic compliance should never be underestimated.

Cyprus, as he said, is taking steady steps to shake off the high-risk image that accompanied it in the past.

The increase in suspicious transaction reports demonstrates increased vigilance by the private sector, while closer cooperation with US investigative authorities is a sign of real progress, he noted.

Finally, he raised the issue of over-compliance, noting that adopting a risk-based approach is the appropriate path to balance between efficiency and flexibility.

In a world that is constantly changing, intelligence and strategic thinking are the best allies, emerging as the main message for today and the future.

11th International Compliance Forum

Main Sponsor: ECOMMBX

Gold Sponsors: Complytek.ai , Icon Advisory , Infocredit Group Ltd , KPMG Cyprus , Zygos

Silver Sponsors: AMLex365 , MAP S.Platis

Supporters: ACAMS Cyprus Chapter, ACCA, ICAEW, The Marshall Islands Registry

With the Support of: ACB, ACFE, CBA, CCA, CFA Society, CIF, CYFA, The Institute of Internal Auditors, ICPAC

Strategic partner: Cyta

Communication Sponsors: CBN News, GOLD magazine, IN Business magazine, Super FM

Organised by: IMH

(Source: InBusinessNews)