The anti-money laundering unit (Mokas) and the Cyprus Compliance Association (CCA) recently signed a strategic memorandum of understanding (MoU), aimed at strengthening cooperation and practical engagement in the prevention and combatting of financial crime and terrorist financing in Cyprus.

According to a statement released by the CCA, the agreement, signed on May 8, reflects “the shared objective of reinforcing structured dialogue and cooperation between the public and private sectors“.

At the same time, it seeks to support a more integrated and forward-looking approach to tackling challenges and emerging regulatory and legal frameworks.

“This cooperation reflects our common goal of strengthening structured dialogue and cooperation between the public and private sectors, supporting a more coordinated and future-oriented approach to addressing evolving risks, new typologies and regulatory requirements in the field of combatting financial crime,” the association said.

The CCA further explained that the strategic cooperation marks an important milestone in strengthening ties between Mokas and the community of compliance professionals in Cyprus, while also establishing a structured framework for ongoing cooperation.

The framework will include the exchange of non-confidential, non-operational information and views, dialogue concerning typologies and regulatory developments, as well as the organisation of joint awareness actions, educational programmes and knowledge-sharing initiatives for compliance professionals and other relevant stakeholders.

The announcement also stated that both parties will focus on organising joint events and specialised training programmes in areas requiring increased attention and collective effort.

These areas include evolving financial crime threats, new trends linked to terrorist financing, sanctions-related risks, the abuse of financial channels and corporate structures, as well as the growing complexity of compliance obligations.

Particular emphasis will also be placed on ensuring continuous alignment between supervisory expectations, institutional priorities and market practices, according to the statement.

As part of the cooperation, the CCA and Mokas will also jointly organise an upcoming seminar dedicated to terrorist financing risks.

“The seminar will bring together professionals from both the financial and non-financial sectors, providing a platform for practical presentations, exchange of experiences and discussion on existing challenges, typologies, regulatory developments and supervisory expectations relating to terrorist financing risks,” the statement underlined.

“This memorandum of understanding reflects our shared commitment to strengthening communication, promoting awareness and supporting initiatives that contribute to the effectiveness of Cyprus’ AML/CFT framework and the protection of the integrity of the financial system,” said Senior Counsel of the Republic and head of Mokas Maria Kyrmizi-Antoniou.

On her part, Cyprus Compliance Association president Andrea Mounti described the agreement as an important development for the compliance profession in Cyprus.

“This strategic cooperation is of particular importance for the Cyprus Compliance Association, as it constitutes an important step towards strengthening cooperation between the compliance profession and the competent authority for combatting money laundering and terrorist financing in Cyprus,” Mounti said.