The Institute of Certified Public Accountants of Cyprus (ICPAC) and the Unit for Combating Money Laundering, also known as Mokas, have signed a Memorandum of Understanding (MoU) to deepen cooperation on preventing and combating money laundering. 

According to a statement, the agreement marks “an important step towards protecting the country against modern challenges and threats” and is intended to support more effective, transparent and uniform implementation of the anti-money laundering (AML) framework. 

Under the MoU, the two bodies will work more closely and systematically on issues related to AML legislation.  

They will also be able to exchange information within their respective mandates, while respecting confidentiality rules and limiting data use strictly to powers provided by law. 

The cooperation further covers joint organisation of training, professional education and certification activities for both ICPAC members and Mokas officers.  

In addition, the MoU provides for knowledge-sharing and collaboration on digital-transformation projects, as well as the joint preparation of strategic analysis reports to strengthen AML tools. 

The agreement was signed this week by Mokas head Maria Kyrmizi-Antoniou and ICPAC president Odysseas Christodoulou. It enters into force indefinitely, until either side decides to terminate it.