Foreign experts on sanctions and AML coming to Cyprus soon, government says

Experts with experience in combatting sanctions violations and in anti-Money Laundering (AML) from a specific country are set to join the ongoing investigation in Cyprus, following revelations from the investigative report "Cyprus Confidential," according to Government Spokesman Konstantinos Letymbiotis.

Responding to journalists' questions after the conclusion of a Cabinet meeting on 21 November, Letymbiotis said that the number of experts and their country of origin would be announced upon their arrival in Cyprus.

"The President of the Republic, within the framework of showing zero tolerance in a practical way, has personally contacted a country to send a team of experts who will assist the work of investigators in Cyprus. The response was immediately positive," he mentioned.

Letymbiotis added that the relevant service in Cyprus police, has also already been reinforced with additional personnel, and further reinforcement will be carried out where needed.

At the same time, he noted that the technical knowledge and experience of the experts coming from abroad, based on the experience and procedures of their country, are such that they will contribute to the determination of the Cypriot Government for a thorough investigation and clarification of all the elements, whether recently brought to light or are already before the authorities.

"As the President of the Republic has made clear, we will not allow any shadow to be cast on the name of our country, with any potential damage it may cause to the financial sector of the country, which we have fortified over the last ten years and have taken very serious measures to further improve," he said.

Letymbiotis added that Cyprus today “has a secure and well-fortified framework, as evidenced by Moneyval’s investigations”.

When asked about the cases they will deal with, he said that the experts would address issues related to sanctions evasion or money laundering. He added that they were expected to arrive as soon as possible, and with their arrival, there would be an official announcement.

(Source: CNA)