The UK will support Cyprus in establishing a new National
Sanctions Implementation Unit to crack down on illicit Russian
finance flowing through Europe.
- New unit to stop dirty Russian money being funnelled through
Europe.
- Comes as both countries deepen serious organised crime
cooperation to deliver on the government's mission to make the
UK's streets safer.
- Prime Minister's trip to the Republic of Cyprus the first
bilateral visit in half a century.
The UK will support Cyprus in establishing a new National
Sanctions Implementation Unit to crack down on illicit Russian
finance flowing through Europe.
The partnership, which was agreed with the Prime Minister and
President of Cyprus Nikos Christodoulides this morning,
further strengthens the intelligence and security relationship
between the two countries.
The unit will share expertise and intelligence between the Office
of Financial Sanctions Implementation and Office of Trade
Sanctions Implementation and Cypriot Ministry of Finance to
disrupt and intercept the flow of illicit finance through Europe
to ensure the effectiveness of sanctions on Putin's war machine.
That new unit will include new analytical tools and powers to
investigate sanctions evasion and track funds being moved across
Europe.
The unit comes as the UK also deepens cooperation with Cyprus on
serious organised crime. We will work together to combat illicit
finance by sharing knowledge on the registration of beneficial
owners of assets.
In addition, the UK will roll out financial crime training
packages to law enforcement teams in Cyprus next year, delivered
by UK National Crime Agency. It will support the upskilling of
customs officers in Cyprus, delivered by HMRC, helping to improve
risk profiling and investigation and prosecution techniques
on illicit tobacco.
This will in turn disrupt smuggling activity and reduce the flows
of illicit tobacco into the UK, supporting the government's safer
streets mission.
Prime Minister said:
This government is delivering on our Plan for Change, which is
built on strong foundations, including our national security.
Only by working with likeminded partners can we protect our
interests both at home and abroad.
Together with the Republic Cyprus, we are stemming the flow of
illicit finance through Europe to starve Putin's war machine and
protect global stability.
The Republic of Cyprus has frozen £1.5 billion in Russian assets
since Putin's barbaric full-scale invasion of Ukraine, supporting
the collective effort to choke Russia's war machine.
President Christodoulides' government also joined the UK-led
Shadow Fleet initiative in July, to further support Ukraine and
intercept ships undertaking illegal operations aimed at
circumventing sanctions, evading compliance with safety or
environmental regulations, and avoiding insurance costs.
46 countries and the EU have now signed up to the UK-led call to
action against the Shadow fleet, announced by Prime Minister at
the European Political Community summit in July.
The Prime Minister's visit to the Commonwealth country this
morning is the first bilateral visit to the Republic of Cyprus in
more than 50 years – the last Prime Minister to visit bilaterally
was Edward Heath in 1971. John Major then visited for the
Commonwealth Heads of Government Meeting in 1993.
