Justine Treadwell: Money laundering threatens the ecosystem of the Cypriot economy

"The US will proceed with the expansion of sanctions against Russia," explained Justine Treadwell, Political-Economic Counselor at the US Embassy in Cyprus.

Speaking from the platform of the 8th Cyprus Professional Services Conference presented by the Bank of Cyprus, the official said that the goal remains to exert pressure on Moscow, while, in relation to Cyprus, she expressed Washington's satisfaction with the measures it is taking, both at a state level as well as from the Central Bank and banks, to deal with those who do not comply.

Referring to US policy and practices in connection to economic sanctions, Treadwell condemned Russia's invasion of Ukraine as "unjustified". The US along with the G7 and the EU stand by Ukraine and condemn the loss of human life, she added.

Regarding the economic dimension of the problem, according to Treadwell, there are many challenges beyond the sanctions. Hiring people with skills, productivity, automation, etc. are of concern to the sector.

At this point, she addressed the issue of sanctions, stating that the US will proceed with their expansion. "Sanctions are being extended and the purpose is to put pressure on Putin to end the war," she said, among other things. "We have to be vigilant," the US official then warned.

Sanctions are only part of the problem, she said shortly afterward, referring to money laundering, which she said is a "threat to the ecosystem of the Cypriot economy".

Treadwell praised the work of the banking sector which, she said, is more efficient, which is due, among other things, to the Central Bank of Cyprus which supports it, as well as Cyprus itself which developed relevant mechanisms.

She added, "There is a better assessment of risks and in cooperation with banks and associations, we hold discussions so that they can more easily identify cases where there is no compliance."

Finally, Justine Treadwell reiterated the support of the US in the efforts to solve the Cyprus problem.

(Source: InBusinessNews)