NORWAY WILL pay near one million euros to strengthen Cyprus’ anti-money laundering capabilities.
A contract was signed last Friday between the Planning Bureau and the Unit for Combating Money Laundering (MOKAS) for the financing of a project aiming to strengthen MOKAS’ capacities and improve its efficiency to detect money laundering and the financing of terrorism.
The project will be implemented by MOKAS and cost a total €1,100,882. Norway will provide the majority of funds, 85 per cent, amounting to €935.750, while MOKAS will provide the remaining €165.132.
The main objective of the project is to automate the analysis and investigation procedure of MOKAS by implementing an IT system to support its core activities. This in turn will enhance the capabilities of the Unit making best use of available information and automatic recognition of relationships between data, information and suspects.
According to a Planning Bureau press release, enhanced cooperation between law enforcement agencies and information providers is expected to develop policies and tools necessary for the prevention and combating of transnational organised crime, in particular money laundering and terrorist financing.
During the project’s implementation, MOKAS’ Norwegian counterpart, the Financial Intelligence Unit (FIU) of Norway, will exchange knowledge and best practices in the anti-money laundering and counter-terrorism financing area. Members of MOKAS will also make on site visits to the Norwegian FIU, while a memorandum of understanding will be signed by the heads of the two national units as part of enhanced bilateral relations and cooperation.