Cyprus to get US expertise in countering money laundering

The United States and Cyprus are to boost their cooperation in enhancing Cypriot capabilities in countering and prosecuting illicit finance operations, the two governments said on Tuesday.

Cyprus has long had an unwanted reputation as a conduit for illicit money flows, even though authorities have significantly tightened oversight and closed loopholes in the past decade.

The FBI and Cyprus police will in coming days sign an accord formalising collaboration between justice authorities of both countries and with key law enforcement partners on the island.

The U.S. Department of Justice and the FBI, with support from the Department of State's Bureau of International Narcotics and Law Enforcement Affairs (INL) and the U.S. embassy in Nicosia will cooperate with Cypriot authorities, following a request from Cyprus President Nikos Christodoulides.