A US team that spent nine months on Cyprus has produced a detailed report outlining specific recommendations and proposals including additional staff training, upgrading high-tech systems and amending existing legislation.
The article from MSN discusses Cyprus's decision to adopt FBI guidelines to enhance its efforts in combating financial crime and sanctions evasion. This move comes in response to Cyprus being identified as a hotspot for Russian money laundering, particularly after the 2022 invasion of Ukraine by Russia. The FBI's guidelines are aimed at improving the detection and prevention of financial crimes, including money laundering and sanctions evasion. Cyprus has been under scrutiny for its financial practices, and adopting these international standards is part of a broader strategy to clean up its financial sector, restore international trust, and comply with global anti-money laundering (AML) and counter-terrorism financing (CTF) standards. This initiative also reflects Cyprus's commitment to aligning with international norms and regulations to mitigate the risks associated with financial misconduct.
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