Cyprus’ Anti-Money Laundering Measures Praised by US Treasury

Cyprus’ Anti-Money Laundering Measures Praised by US Treasury

Cyprus efforts to combat anti-money laundering, are being acknowledged and praised, not only domestically, but also by the US Department of Treasury.

This is neatly depicted by the fact that the Assistant Secretary for Terrorist Financing, Mr. Marshall Billingslea, praised Cyprus’ “enormous progress” in issues relating to anti-money laundering (AML)(https://www.stockwatch.com.cy/en/article/oikonomia/us-official-praises-cyprus-enormous-progress-anti-money-laundering) .

Mr. Billingslea, met last week with the Cyprus’ Finance Minister, Mr. Harris Georgiades, whereby the US and Cyprus, along with the EU, are promoting a common agenda on issues of AML and Counter Terrorism Financing (https://cyprus-mail.com/2019/04/19/cyprus-has-made-enormous-progress-on-money-laundering-clampdown/).

The US Assistant Secretary, said in a joint statement with Mr. Georgiades, that, “The work done by the government on anti-money laundering front, on the portfolio of topics has been outstanding”.

He further cemented the above viewpoint, where he proclaimed that “there has been enormous progress and improvements made in the different laws and regulations and enforcement authorities” (https://knews.kathimerini.com.cy/en/business/us-treasury-official-cyprus-has-made-huge-progress-in-combating-money-laundering).

The close working relationship between US and Cyprus, is further highlighted by the fact that Mr. Billingslea declared, “we greatly value the close partnership that with you and your ministry and we look forward to keeping that relationship and intensifying that relationship in the days ahead”.

The Finance Minister, also emphasized on his part, that this was his third meeting with Billingslea, which shows “how close substantial our cooperation is developing, and that they “should do more…can do more in expanding economic and financial ties and this has been the main focus of…. discussions” (https://www.newsobserver.com/news/business/article229455204.html).

Mr. Georgiades continued and added, “We also know that we face common challenges, global challenges AML and countering terrorism financing, is a major preoccupation for both of our governments is a major preoccupation for the EU for the US and for us and on these issues also we have a very strong collaboration promoting a common agenda”(https://www.stockwatch.com.cy/en/article/oikonomia/us-official-praises-cyprus-enormous-progress-anti-money-laundering).

Furthermore, The Cypriot Minister said that he and Billinglsea discussed on specific proposals in relation to maintaining and expanding contacts with the US authorities and on how they could “work even more effectively together”.

It is important to note that Mr. Billinslea met earlier with Foreign Minister Nikos Christodoulides and Central Bank Governor Constantinos Herodotou (https://www.stockwatch.com.cy/en/article/oikonomia/us-official-praises-cyprus-enormous-progress-anti-money-laundering).

Mr. Herodotou declared that “a new culture of compliance is being established at the Cyprus banks”, and that these efforts “are beginning to be recognised abroad” (https://www.financialmirror.com/news-details.php?nid=36842).

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