US and Cyprus Will Sign a Deal to Fight Money Laundering and Evasion of Russian Sanctions

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A Maka Indigenous woman puts on make-up before protesting for the recovery of ancestral lands in Asuncion, Paraguay, Wednesday, Feb. 28, 2024. Leader Mateo Martinez has denounced that the Paraguayan state has built a bridge on their land in El Chaco's Bartolome de las Casas, Presidente Hayes department. (AP Photo/Jorge Saenz)
NICOSIA, Cyprus (AP) — The United States and Cyprus said Tuesday they’re formalizing their collaboration in fighting money laundering, sanctions evasion and other financial crimes with an agreement offering Cypriot law enforcement authorities U.S. expertise.

The FBI and Cypriot police will sign an agreement in the coming days that includes the U.S. Department of Justice offering help to “proactively detect, investigate and prosecute cases involving financial crimes” in Cyprus, according to a joint statement.

Cypriot President Nikos Christodoulides last year invited FBI and Justice Department officials to assist with investigations into allegations that Cypriot financial service providers had helped Russian oligarchs skirt international sanctions.

Although Cyprus has insisted it has abided by international sanctions imposed on Russia following its 2022 invasion of Ukraine, the U.S. has targeted several Cypriot-based companies, lawyers and accountants for allegedly assisting in dodging the sanctions.

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