Cyprus calls for collective fight against crypto terror financing
The Cyprus regulatory agency is calling on accounting and auditing professionals to help detect and prevent terrorist financing activities, with a particular emphasis on monitoring five forms of fund transfers, including cryptocurrencies. The Institute of Certified Public Accountants of Cyprus (ICPAC) is the regulatory body for the accounting industry on the island, and has issued a "terrorism financing alert" to combat this criminal activity. Although law enforcement agencies primarily deal with financial crimes such as money laundering and terrorism financing, ICPAC hopes to involve accounting professionals in supervision. According to ICPAC, terrorist organizations use five methods to transfer funds, including donations through non-governmental organizations (NGOs), cash, bank transfers and gift cards, cryptocurrencies, and shell companies.
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