Cyprus calls for collective crackdown against crypto terror financing
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.
Aiding the law enforcement
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:
“These days, given the nature of services provided and the role of professionals as gatekeepers, it is a requirement for obliged entities to take an active role in the prevention phase.”
According to the ICPAC, terrorist organizations use five methods for transferring funds. These include donations via nongovernmental organizations (NGOs), cash, bank transfers and gift cards, cryptocurrencies and shell companies.
Directive to monitor crypto transactions
When it comes to using cryptocurrencies, ICPAC wants accountants to be vigilant about anonymous cross-border peer-to-peer transfers, crowdfunding, charities and anonymous online fund-raising campaigns.
ICPAC directed its members, associated firms and compliance officers to report suspicious transactions and reminded them that failing to do so will be considered an offense.
Cyprus regulator's recommendation for investigating suspicious crypto transfers. Source: icpac.org.cyAs a result, flagged transactions will be subject to scrutiny, which involves profiling individuals, screening crypto wallets and transactions and implementing specialized blockchain tools.
Related: Cyprus keeps FTX Europe license suspended until September
According to a United States Treasury official, Palestinian militant groups, including Hamas, used small amounts of cryptocurrencies to fund terrorist activities but widely preferred “traditional products and services.”
Source: Tom EmmerPalestinian Islamic Jihad $12 million after blockchain analytics firm Elliptic — which provided the data the Journal cited — rebuked the report, saying there was “no evidence to suggest that crypto fundraising has raised anything close to this amount.”
“To be clear,” Representative Tom Emmer prompted Treasury’s Undersecretary for Terrorism and Financial Intelligence Brian Nelson, ”Hamas is using crypto in relatively small amounts compared to what’s been widely reported, that’s correct?”
“That’s our assessment, yep,” Nelson answered.
Magazine: ‘Raider’ investors are looting DAOs — Nouns and Aragon share lessons learned
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
MARA's stock jumps after raising $1 billion via convertible notes to buy more bitcoin
MARA Holdings announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030.The bitcoin miner plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The remaining funds will be used to acquire more bitcoin.
Gold loses luster as institutional demand fuels bitcoin price surge, analysts say
Bitcoin’s 46% surge over the past month, contrasted with gold’s 3% decline, highlights a shifting investor preference toward alternative store-of-value assets, analysts say.Derivatives traders are buying up bitcoin call options ahead of Trump’s inauguration, signaling strong bullish sentiment for the beginning of 2024.
SEC is 'engaging' Solana ETF applicants: report
SEC “engaging” on Solana ETF applications, sparking optimism for potential approval in 2025.VanEck, 21Shares, and Bitwise lead Solana ETF filings amid pro-crypto White House hopes.SOL token rises 4.6% to $247.91, bolstered by Solana’s strong DeFi ecosystem and demand.
Shiba Inu Developer Says SHIB Is No Longer a Memcoin