Insider Business UK can become strong partner in tackling illicit finance, High Commissioner says

UK can become strong partner in tackling illicit finance, High Commissioner says

The British High Commissioner in Nicosia, Stephen Lillie, has expressed the hope that the UK, via its strong professional education links and shared Common Law system with Cyprus, can become a strong partner in strengthening Nicosia’s efforts to tackle illicit finance.

Lillie, who was speaking during a conference organised on Wednesday by the British High Commission (BHC) and the Institute of Certified Public Accounts of Cyprus (ICPAC) on combating illicit finance, highlighted Cyprus’ substantial efforts since 2013 to tackle illicit financial flows and improve international cooperation on tax, money laundering and global organised financial crime.

Lillie also welcomed the call of the new Governor of the Central Bank of Cyprus, Constantinos Herodotou, to the financial services industry to adopt a proactive culture against risks from illicit finance.

All speakers and participants agreed that in a global economy where money flows easily across borders, it is more important than ever that the UK and Cyprus work together to effectively tackle this shared problem.

According to a press release issued by the British High Commission, Lillie highlighted that illicit finance harms both international security and undermines the rules-based system and global prosperity.

“The UK is at the forefront of these international efforts against such practices. We have one of the world’s largest and most open economies, and London is one of the world’s most attractive destinations for overseas investors. These factors make the UK attractive for legitimate business, but also expose the UK to money laundering risk,” he added.

“Against this background, it’s essential that our efforts to ensure the reduction of illicit financial flows are pro-active and have global reach. To be effective in tackling serious and complex tax fraud, transnational organised crime and money laundering, international cooperation is necessary,” the British High Commissioner stressed.

Lillie called for proactive efforts to reduce illicit financing and urged a multi-agency approach, involving government, law enforcement, regulatory bodies and the private sector working together.

“Sharing operational information, ensuring the appropriate legislation and regulations in each country and working in international fora to promote the rules-based international order is crucial,” the British High Commissioner concluded.

During the conference, Simon York, a Director of Her Majesty’s Revenues & Customs (HMRC), shared best practice from the UK, while also presenting recent progress and the importance of international collaboration in tackling serious and complex tax fraud, transnational organised crime and money laundering.

On her part, Jennifer Haslett, Head of Financial Action Task Force (FATF) at Her Majesty’s Treasury (HMT), analysed FATF’s priorities, including proliferation financing, beneficial ownership and regulation of Virtual Asset Service Providers. Jack Carter, Policy Adviser at HMT explained how the private sector can contribute to tackling economic crime.

(Cyprus News Agency)

Top Stories

Cyprus goes over 10 thousand covid cases, daily number remains over 200

  Cyprus has gone over 10 thousand Covid-19 confirmed infections, after the Health ministry today announced 248 over the past 24 hours, 179 out of...

New child pornography case, 34 year old man arrested

  Authorities are investigating yet another child pornography case, following a EUROPOL tip off, which resulted in the arrest of a 34 year old man...

New wrangle between Attorney General and Auditor General

  Attorney General Giorgos Savvides has called Auditor General Odysseas Michaelides to order, over his continued intention to look into so-called golden passport case files...

Confirmed covid patient refuses to self isolate, walks around in free Famagusta area-Dozens of people booked

  A woman from the free Famagusta area who tested positive for covid-19 did not self-isolate and was walking in a public area yesterday noon. She...

Covid-19 patients rise at referral hospital, now 59

  Covid-19 patients at the Famagusta General, the referral hospital for coronavirus have risen to 59. Four are being treated in the increased care unit for...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...