{"id":83816,"date":"2024-07-10T08:05:04","date_gmt":"2024-07-10T12:05:04","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=83816"},"modified":"2024-07-10T08:05:07","modified_gmt":"2024-07-10T12:05:07","slug":"cyprus-urges-collective-crackdown-on-crypto-terror-financing","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/cyprus-urges-collective-crackdown-on-crypto-terror-financing\/","title":{"rendered":"Cyprus Urges Collective Crackdown on Crypto Terror Financing"},"content":{"rendered":"\n

Cyprus' ICPAC urges accountants and auditors to help combat terror financing<\/a>, highlighting cryptocurrencies as a key focus.<\/p>\n\n\n\n

\"Cyprus
Cyprus Urges Collective Crackdown on Crypto Terror Financing<\/figcaption><\/figure>\n\n\n\n

A regulatory authority in Cyprus has requested the assistance of accounting and audit specialists in detecting and preventing terrorist financing activities. The authority has placed a particular emphasis on five methods of fund transfer, including cryptocurrencies.<\/p>\n\n\n\n

A “terror financing alert” was issued by the Institute of Certified Public Accountants of Cyprus (ICPAC). This regulator oversees the accountancy profession in the island nation, to combat the offense.<\/p>\n\n\n\n

Although law enforcement agencies<\/a> are predominantly responsible for investigating financial crimes, such as money laundering and terror financing, ICPAC aims to involve accounting professionals in the oversight process. The regulator stated:<\/p>\n\n\n\n

\n

\u201cThese 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.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Five methods are employed by terrorist organizations to transmit funds, as per the ICPAC. These consist of cash, bank transfers, gift vouchers, cryptocurrencies, shell companies, and donations made through nongovernmental organizations (NGOs).<\/p>\n\n\n\n

ICPAC urges accountants to exercise caution when it comes to the use of cryptocurrencies, such as clandestine cross-border peer-to-peer transfers, crowdfunding, charities, and anonymous online fund-raising campaigns.<\/p>\n\n\n\n

ICPAC instructed its members, associated firms, and compliance officers to report any suspicious transactions and reminded them that failure to do so will result in a criminal offense.<\/p>\n\n\n\n

A United States Treasury official stated that Palestinian militant groups, such as Hamas, utilized minor quantities of cryptocurrencies<\/a> to finance their terrorist activities; however, they were generally more inclined to utilize “traditional products and services.”<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Palestinian Islamic Jihad $12 million after blockchain analytics firm Elliptic \u2014 which provided the data the Journal cited \u2014 rebuked the report, saying there was \u201cno evidence to suggest that crypto fundraising has raised anything close to this amount.\u201d<\/p>\n\n\n\n

\u201cTo be clear,\u201d Representative Tom Emmer prompted Treasury\u2019s Undersecretary for Terrorism and Financial Intelligence\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Brian Nelson, \u201dHamas is using crypto in relatively small amounts compared to what\u2019s been widely reported, that\u2019s correct?\u201d<\/p>\n\n\n\n

\u201cThat\u2019s our assessment, yep,\u201d Nelson answered.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cyprus’ ICPAC urges accountants and auditors to help combat terror financing, highlighting cryptocurrencies as a key focus. A regulatory authority in Cyprus has requested the assistance of accounting and audit specialists in detecting and preventing terrorist financing activities. The authority has placed a particular emphasis on five methods of fund transfer, including cryptocurrencies. A “terror […]<\/p>\n","protected":false},"author":36,"featured_media":83821,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[906,20424,14872],"class_list":["post-83816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crackdown","tag-crypto-terror-financing","tag-cyprus"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/LB3CXJN6PJHTROZMMIB5WFOGLE.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83816","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=83816"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/83816\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/83821"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=83816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=83816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=83816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}