Cyprus’ role in the fight against financial crime was highlighted by speakers at the 8th International Compliance Forum that took place on Friday in Nicosia, with the support of the Bank of Cyprus.
Marios Skandalis on behalf of the Bank of Cyprus, said that the presence of representatives from the USA and England confirms the support for Cyprus in the fight against financial crime, while the representative of the US State Department, Erik Woodhouse, praised Cyprus’ efforts to combat money laundering and pointed out his country’s willingness to continue and strengthen their cooperation with Cyprus regarding the implementation of economic sanctions against Russia.
Woodhouse said that the US acknowledge the “important and impressive work done by the Republic of Cyprus to strengthen its system of anti-money-laundering regulation”, adding that they look forward to see continuous progress in the years to come.
“I am proud of the strong relationship between the EU and the USA and of the bilateral relationship with the Republic of Cyprus,” he said and noted the support in export control and implementation of sanctions.
The US, he added, look forward to deepening and continuing the cooperation and partnership in these areas.
Addressing the conference, he underlined that people in financial sector have an important role in implementing sanctions, which aim to ensure that “Russia faces a strategic defeat”.
“We will continue this course with our partners and allies, until Russia changes its course” Woodhouse said, noting that those who do business with designated Russians, will face sanctions of their own.
He also pointed out the important role of the private sector in the implementation of sanctions, since freezing of accounts, rejecting transactions and terminating customer relations depends on it.
Focusing on the theme of sustainability, he said that through this “we seek to maintain the operation of global markets, especially in key commodities”, such as energy and food.
Speaking on behalf of the Bank of Cyprus, Marios Skandalis said that the presence of international actors at the forum, among hundreds of participants, reaffirms the uncompromised support of Cyprus efforts in fighting financial crime and terrorism financing.
He focused on the three pillars of sustainability that have an environmental, economic and social dimension saying that the three pillars provide a solid ground for major decisions, such as land-use planning, surface water management, building design. As a result, he added, natural resources are reserved, the environment is protected, the economy is not harmed and the quality of life for people is improved and maintained at a good level. Referring to the economic sustainability, he noted that it is a balancing art so as to create economic value by considering the other two aspects of sustainability.
“Regulatory bodies and standard setters have demonstrated the importance of compliance function to monitor and safeguard sustainability”, he said, adding that it is not a question whether we can be sustainable, but whether we choose to be.
Duncan Tessier, on behalf of the British government said that leading UK’s response to money laundering, fraud and recovering of criminal assets and also enforcement of financial sanctions is the is partnership with both international partners, such as Cyprus, and the private sector.
On behalf of the Germany’s Federal Ministry of Finance, Marcus Pleyer congratulated organizers for introducing the subject of sustainability in times of great economic and political challenges. He stressed that cooperation and information exchange between public and private sector is key in addressing economic crimes.
He added that when people see that criminals can use their ill-doted games to increase their economic influence or even empower them politically, this puts to risk the trust in the rule of law and the functioning of the institutions, that can lead to a corrupt society.
Source: Cyprus News Agency