Commencement of the Project entitled “Strengthening MOKAS Capacities and Improve Efficiency to Detect Money Laundering and Financing of Terrorism”
Due to the continuing development and upgrading of The Unit for Combating Money Laundering – MO.K.A.S., on the 5th of December 2012 a Programme Agreement has been signed between the Planning Bureau on behalf of the Republic of Cyprus and the Norwegian Financial Mechanism and on the 25th of January 2013, a Project Contract has been signed between the Planning Bureau and MO.K.A.S.
Based on the above Agreements, the Project entitled “Strengthening MOKAS Capacities and Improve Efficiency to Detect Money Laundering and Financing of Terrorism” will be co-funded at 85% from the Norwegian Financial Mechanism, in a continuing effort to support and enhance the cooperation with Cyprus. The total budget of the Project amounts to €1.100.882.
The implementation of the Project by MO.K.A.S. commenced on the 1st of March 2013 and has a duration of three years.
The main objective of the Project is to automate the analysis and investigation procedure of MO.K.A.S., by implementing a sophisticated IT system for supporting its core activities. This project will assist MO.K.A.S to enhance its capabilities, with better use of available information and automatic recognition of relationships between data, information and suspects. In addition, it will enhance the cooperation with its foreign counterpart Units, Law Enforcement Agencies in Cyprus and abroad, as well as with reporting entities (e.g. banking institutions, lawyers, accountants and others). This project is expected to assist MO.K.A.S. to develop new policies, procedures and tools, necessary for the prevention and combating of transnational organized crime and in particular money laundering and terrorist financing.
During the implementation of the Project, MO.K.A.S. has signed an Agreement with the United Nations (and in particular with the United Nations Office on Drugs and Crime), in relation to the acquisition and installation of sophisticated IT systems. MO.K.A.S. has already began and will continue to exchange knowhow and experiences with its foreign counterpart Units and Law Enforcement Agencies, including that of Norway, in relation to the automation of procedures for the analysis and investigation of suspicious transaction, as well as the exchange of best practices.
The Project is expected to contribute to the improvement and enhancement of the cooperation between Norway and Cyprus. During the finalisation of the Project, a Memorandum of Understanding will be signed between MO.K.A.S. and its counterpart Unit of Norway, as a corroboration of their bilateral relations and cooperation.