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Combatting Fianancial Crime
2001-11-18 10:46:22

Cyprus has implemented a comprehensive system to combat money laundering and other financial and drug-related crimes. The country?s comprehensive legislative and institutional framework enables the government and law enforcement agencies to deter, prevent, and combat such crimes, as well as bring perpetrators to justice. As a regional financial hub and international business center, Cyprus also uses these tools to cooperate fully with American, European, and other international authorities.

Money-Laundering and Other Financial Crime

? Cyprus places the fight against money-laundering among its top domestic and foreign policy priorities. In 2000, it investigated more than one hundred separate cases.

? The European Union (EU) confirms that, on monetary policies and financial activities related to the free movement of capital, Cyprus has undertaken required measures and met or exceeded the necessary standards for EU membership. Since 1996, Cyprus has implemented a full range of laws and regulations to meet the EU?s exacting standards. (2001)

? EU Negotiator Leonard Maurer finds that the government and other relevant authorities in Cyprus have ?undertaken everything in their power to avoid money-laundering activities, and their enforcement record shows that they are doing well.? (2001)

? The International Monetary Fund (IMF) verifies that Cyprus? anti-money laundering meets IMF standards. (2001)

? The G-7?s Financial Action Task Force on Money Laundering verifies that Cyprus has implemented a ?comprehensive anti-money-laundering system.? (2000)

Cooperation with the United States ? Cyprus and the United States are parties to a Mutual Legal Assistance Treaty for cooperation in addressing issues such as financial and drug-related crimes.

? Cyprus and the United States are members of the Egmont Group of 53 countries that have formed financial intelligence units and cooperate internationally on cases and issues related to financial crime.

? The State Department?s International Narcotics Control Strategy Report finds that cooperation between the United States and Cyprus in ?law enforcement efforts has been excellent.?

Other International Cooperation

? Cyprus is a signatory to the United Nations (UN) Convention Against Illicit Traffic in Narcotic Drugs (Vienna Convention) and the Council of Europe Convention on Laundering, Search, Seizure, and Confiscation of the Proceeds from Crime (Strasbourg Convention).

? Cyprus is also a signatory to the UN conventions against Transnational Organized Crime and for the Suppression of the Financing of Terrorism. October 2001

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