Date added: : 02.09.2019

Offshore territories are often used for illegal activities, including tax evasion and money laundering. United States government agencies are focusing on combating illegal flows. The Department of Financial Services noted the success of Cyprus in a recent statement. According to officials, this country is successfully fighting illegal financial activities. Besides, representatives of the body expressed the hope that Cyprus will not stop and will continue to adopt new standards.

The head of the Department Maxine Waters paid an official visit to the island nation on August 29. She was pleased with the quality of the fight against illegal financial activities. Shortly before the visit, the United States passed legislation to facilitate the transfer of information about suspicious transactions. Thus, the authorities plan to stop dubious money transfers, for example, by buying antiques and real estate.

In turn, Cyprus has adopted a number of bills that will make the fight against illicit financial flows more effective. Harris Georgiadis, the island finance minister, expressed hope that the measures taken would enhance Cyprus’s reputation.

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