Apostolos Tomaras
After nine months of collaboration between the U.S. team and Cypriot authorities, the long-awaited FBI report on money laundering and sanctions evasion has finally reached the government. The report summarizes the task force's findings and their investigation into allegations that service providers in Cyprus were aiding Russian oligarchs in circumventing international sanctions imposed after Russia's invasion of Ukraine.
The U.S. team had been asked to lend their expertise to Cypriot authorities in identifying and addressing economic crime and sanctions avoidance. Government spokesperson Konstantinos Letibiotis confirmed to the Associated Press that the FBI's report had been sent to Nicosia. Along with its conclusions, the report includes several recommendations for strengthening Cyprus' response to economic crime, such as improving training for relevant agency staff, enhancing the legislative framework, and implementing technology systems to better track cases.
In a statement following the report's release, the Cypriot government indicated that they intend to act on the American recommendations. The U.S. team's mission to Cyprus came in the wake of a highly publicized U.S. list of individuals and companies linked to Russian oligarchs operating in Cyprus. While the government has provided general details about the report, it has not disclosed its full contents. This report marks the culmination of efforts to reshape Cyprus' reputation on money laundering and sanctions evasion—issues that have long plagued the island's image.
*This article was translated from its Greek original
