The US Department of Treasury Assistant Secretary for Terrorist Financing, Marshall Billingslea, visited Cyprus 18 & 19 April “to ensure that Cyprus has a strong and healthy financial sector” according to an official announcement.
The visit, part of a regional trip which includes a stopover in Bahrain, is a follow-up to his last trip to the Island and underlines the commitment of the US Treasury to work with partners in Cyprus and the broader region to strengthen their efforts to fight money laundering and combat the financing of terrorism (AML/CFT).
In particular, following the International Narcotics Control Strategy Report of the US State Department for 2018 released in March this year, the financial system of Cyprus is considered to be “vulnerable to money laundering by domestic and foreign criminal enterprises and individuals, although proceeds generated abroad pose a greater threat”.
Mr Billingslea is meeting with the Foreign Minister Nikos Christodoulides, Finance Minister Harris Georgiades and the new Governor of the Central Bank Constantinos Herodotou and other officials. The purpose is to discuss the cooperation of the United States with the Republic of Cyprus on fighting money laundering, enhancing transparency and other issues such as complying with US sanctions to prevent the exploitation of the international system by illicit actors.