Cyprus and the US embassy announced on Tuesday cooperation among the countries’ justice systems to enhance Cypriot capabilities to counter illicit finance.

“The United States Department of Justice (DOJ) and the Federal Bureau of Investigation (FBI), with support from the US Department of State’s Bureau of International Narcotics and Law Enforcement Affairs (INL) and Embassy Nicosia, have established direct cooperation with ROC law enforcement entities to enhance capacity in identifying and prosecuting financial crimes,”. A statement said.

In the coming days, the FBI and the Cyprus police will sign a memorandum of understanding to formalise cooperation, the statement said.

The cooperation will include cooperation between the attorney general’s office and the finance intelligence unit (Mokas).

“Building on existing efforts to counter money laundering and sanctions evasion, the DOJ in 2024 will share its experience with Cypriot counterparts to proactively detect, investigate and prosecute cases involving financial crimes with a nexus to Cyprus, and will provide expert prosecutorial assistance – a substantial US investment in Cypriot capacity,” the announcement said.

“Closer cooperation of the American and Cypriot justice systems is a welcome development, and both sides look forward to the progress this collaboration will yield.”

On Monday, a Cyprus-based company was sanctioned by the US for its links with Russia’s financial sector.

Tokentrust Holdings with a registered Limassol address was added to the Office of Foreign Assets Control (OFAC) list of designated entities.

US ambassador to Cyprus Julie Fisher posted on X that one of the 13 sanctioned entities is Cypriot registered.

“The US appreciates the close cooperation with Cypriot authorities to hold sanctions evaders to account.”

According to OFAC, the company was established on June 11, 2020. It is the majority shareholder of Atomaiz, a Moscow-based fintech company.