Anti-money laundering agencies in Cyprus has received a boost from the US in the form of a Memorandum of Understanding between the Cyprus Un...

Anti-money laundering agencies in Cyprus has received a boost from the US in the form of a Memorandum of Understanding between the Cyprus Unit for Combating Money Laundering and US Department of the Treasury Financial Crimes Enforcement Network.

The MOU signals that Cyprus is viewed by the US as an “important partner in the global war on terrorism,” according to a statement from the US Embassy in Nicosia.

A recent report by the US State Department also praised Cyprus for its comprehensive anti-money laundering regulations but raised concerns over the lack of such controls in the Turkish Republic of Northern Cyprus.