In a new push against financial crime, Cyprus and Greece signed a memorandum of understanding on Tuesday, providing for the exchange of information in matters of money laundering and financing terrorism.

“The initiative to sign the MoU constitutes the beginning of new cooperation prospects between the two units, such as undertaking joint strategic analyses over the risks of money laundering Cyprus and Greece are faced with, the exchange of best practices and know-how and organising joint training sessions,” the Law Office said.

It added that the MoU aimed at increasing criminal proceedings for money laundering and connected crimes, as well as the freezing or forfeiture of illegal income.

Cross-border cooperation to achieve these goals is of crucial importance as money laundering is in most cases a cross-border crime, the Law Office said. 

The MoU, it added, attested the “very effective cooperation” between the Unit for Combating Money Laundering and Financial Intelligence Unit of Cyprus (Mokas) and Greece’s Financial Intelligence Unit (FIU).