By The Financial District
Apr 41 min
The US and Cyprus have announced that they’re formalizing their collaboration in fighting money laundering, sanctions evasion, and other financial crimes with an agreement offering Cypriot law enforcement authorities US expertise, reported the Associated Press (AP).
FBI and Justice Department officials were invited last year to assist with investigations into allegations that Cypriot financial service providers had helped Russian oligarchs skirt international sanctions.
The FBI and Cypriot police will sign an agreement in the coming days that includes the US Department of Justice offering help to “proactively detect, investigate, and prosecute cases involving financial crimes” in Cyprus, according to a joint statement.
Cypriot President Nikos Christodoulides last year invited FBI and Justice Department officials to assist with investigations into allegations that Cypriot financial service providers had helped Russian oligarchs skirt international sanctions.
Although Cyprus has insisted it has abided by international sanctions imposed on Russia following its 2022 invasion of Ukraine, the US has targeted several Cypriot-based companies, lawyers, and accountants for allegedly assisting in dodging the sanctions.