|Norway Helps in Money Laundering Battle|
Norway will pay near one million euros to strengthen Cyprus' anti-money laundering capabilities
A contract was signed recently between the Planning Bureau and the Unit for Combating Money Laundering (MOKAS) for the financing of a project aiming to strengthen MOKAS' capacities and improve its efficiency to detect money laundering and the financing of terrorism.
The project will be implemented by MOKAS and cost a total €1,100,882. Norway will provide the majority of funds, 85 per cent, amounting to €935.750, while MOKAS will provide the remaining €165.132.
The main objective of the project is to automate the analysis and investigation procedure of MOKAS by implementing an IT system to support its core activities. This in turn will enhance the capabilities of the Unit making best use of available information and automatic recognition of relationships between data, information and suspects.
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Published on our website on February 1, 2013