Cyprus is a valuable partner and strategic ally, says Congressman Bilirakis

Cyprus is a valuable partner and strategic ally, US Congressman Gus Bilirakis has said. Bilirakis on Wednesday led a Special Order in support of Cyprus in the House of Representatives. A Special Order is a congressional procedure allowing Members of Congress to speak on the floor of the House of Representatives for a dedicated block of time regarding an important issue.

According to a press release issued by the Cyprus Bank Association, Bilirakis, Co-Chair of the Congressional Hellenic Caucus, highlighted the role of Cyprus as a valuable partner and strategic ally for the US and referred to regional security matters, the Cypriot energy sector, Cypriot involvement in global counter-terrorism efforts and the financial and banking reforms undertaken in Cyprus post�financial crisis.

He particularly referred to the ongoing reform efforts in Cyprus to counter money laundering and terrorist financing activities as well as reduce the dependency on foreign deposits and transactions.

The press release says that the Special Order follows the June trip in the US by a delegation from the Cypriot banking sector, including senior executives from the Central Bank of Cyprus and from the Association of Cyprus Banks (ACB), from Bank of Cyprus, Hellenic Bank and Eurobank.

During meetings in Washington and New York, the Cyprus delegation met with Congressman Bilirakis and his staff as well as with other elected officials, global banking institutions, industry regulators, and financial journalists.

The delegation briefed them on the extensive anti�money laundering and counter�terrorist financing compliance reforms that have been implemented by Cyprus and its banks since the financial crisis as well as on their enhanced level of economic and regulatory cooperation with other countries.

The Cyprus delegation also presented detailed information and statistics about the current state of the economic recovery in Cyprus and the multi-faceted efforts underway to reduce non-performing loans across the banking sector.

Source: Cyprus News Agency