Cyprus calls for collective crackdown against crypto terror financing

The alert serves as a reminder of the critical role financial professionals play as gatekeepers in the fight against financial crime.

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A Cyprus regulatory authority has called on accounting and audit professionals to help detect and prevent terror financing activities, emphasizing a special focus on five methods of fund transfer, including cryptocurrencies.

The Institute of Certified Public Accountants of Cyprus (ICPAC), a regulator dedicated to the accountancy profession in the island nation, issued a “terror financing alert” to combat the offense.

While law enforcement agencies primarily deal with financial crimes like money laundering and terror financing, ICPAC wants to involve accounting professionals in oversight. The regulator said:

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