Cyprus Mail

Cyprus and UK urged to work together to fight illicit finance

Stephen Lillie British High Commissioner

Cyprus and UK should strengthen their partnership in combatting illicit finance, British High Commissioner Stephen Lillie said on Wednesday.

At a conference on combatting illicit finance co-organised by the British High Commission (BHC) and the Institute of Certified Public Accounts of Cyprus (ICPAC), Lillie highlighted that “to be effective in tackling serious and complex tax fraud, transnational organised crime and money laundering, international cooperation is necessary”.

Lillie called for proactive efforts to reduce illicit financing and urged a multi-agency approach, involving government, law enforcement, regulatory bodies and the private sector working together.

Recognising Cyprus’ substantial efforts since 2013 to tackle illicit financial flows, Lillie expressed the hope that the UK, via its strong professional education links and shared Common Law system with Cyprus, can become a strong partner in strengthening Nicosia’s efforts to tackle illicit finance.

“Sharing operational information, ensuring the appropriate legislation and regulations in each country and working in international fora to promote the rules-based international order is crucial,” the British High Commissioner said.

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