Cyprus and the United States have taken significant steps to enhance their cooperation in combating money laundering and financial crimes. The Cypriot Council of Ministers has approved the signing of a memorandum of cooperation between the Cyprus Police and the Federal Bureau of Investigation (FBI) [3e16cd40]. This memorandum aims to strengthen the capacity of Cyprus' law enforcement authorities to address illegal financial activities and prosecute financial crimes [3e16cd40]. The memorandum will facilitate the exchange of information and knowledge between Cyprus and the US, focusing on investigative methodology, tactics, and techniques related to financial investigations [3e16cd40].
This collaboration between Cyprus and the US is part of a broader effort to enhance Cyprus' capabilities in combating illicit finance and money laundering. The US Department of Justice (DOJ) and the FBI will collaborate directly with Cyprus law enforcement entities, signing a Memorandum of Understanding between the FBI and the Cyprus National Police (CNP) [daddc614]. The DOJ will share its expertise to assist in detecting, investigating, and prosecuting financial crimes with connections to Cyprus [daddc614]. This cooperation aims to strengthen efforts to counter money laundering, enhance future prosecutions, and bolster the integrity of the Cypriot legal system and economy [daddc614].
The decision to strengthen cooperation between Cyprus and the US reflects the government's commitment to addressing illegal financial activities and ensuring the integrity of the financial system. The memorandum of cooperation will enable Cyprus to benefit from the expertise and resources of the FBI in conducting financial investigations [3e16cd40]. By exchanging information and knowledge, Cyprus' law enforcement authorities will be better equipped to detect and investigate cases involving financial offenses [3e16cd40]. This collaboration will also contribute to the overall efforts to combat money laundering and enhance the integrity of the financial sector in Cyprus [3e16cd40].
The cooperation between Cyprus and the US is seen as a significant development in the fight against money laundering and financial crimes. It demonstrates the commitment of both countries to work together to address these issues and strengthen their respective legal systems and economies [daddc614]. This collaboration is expected to have a positive impact on Cyprus' reputation and attract more investment from the US and other countries [daddc614]. The government of Cyprus has been actively working to create a conducive business environment and attract investment, and this cooperation with the US is a step towards achieving that goal [daddc614].
In addition to combating money laundering, Cyprus is also focused on strengthening economic cooperation, bilateral trade, and investment with the US [176be501]. The President of Cyprus, Nikos Christodoulides, highlighted the historic high in relations between the two countries, particularly in areas such as security, energy, defense, and education [176be501]. Cyprus is seen as a stable and reliable partner for the US in a complex region [176be501]. The government is working to create a conducive business environment and attract investment [176be501]. Efforts are being made to address the country's reputation with respect to money laundering and sanctions [176be501]. Cyprus is seeking to join the US Visa Waiver Program to facilitate cross-border business activities and increase trade relations [176be501]. The US Ambassador to Cyprus, Julie Fisher, expressed gratitude for the growing relationship between the two countries and highlighted the importance of American investment in Cyprus [176be501]. She also emphasized the potential for collaboration in areas such as technology, energy, and maritime industries [176be501]. The President of the American Chamber of Commerce in Cyprus (AmCHAM), Georgios Georgiou, praised the investments made by US companies in Cyprus and called for the update of the double tax treaty between Cyprus and the US [176be501].
President Nikos Christodoulides addressed a discussion with foreign investors in the context of 'Government’s dialogue with Foreign Investors'. This is the second 'Foreign Investors Dialogue with the Government' event co-organised with Invest Cyprus. The first event took place in June 2023. The Cyprus economy has received successive upgrades from rating agencies and is now in an investment-grade category. The government has formulated the first budget for 2024, focused on growth, reforms, fiscal balance, and social justice. The government aims to attract productive investments and establish Cyprus as an attractive investment destination and business center. The government is strengthening the institutional framework related to the supervision of financial and professional services and the fight against money laundering. The government has revised the Strategy for Attracting Investment and Talent in Cyprus to better reflect the needs of potential and existing investors. The government has presented the Governance Programme for 2024, featuring more than 80 concrete actions across six key pillars. The government is committed to ensuring a strong economy, improving access to funding for SMEs, and establishing a National Development Agency. The government values the presence and commitment of foreign investors in Cyprus and aims to foster an economic and business environment that exceeds their expectations [176be501].