Cyprus calls on professionals to collectively combat crypto-terrorist financing

ChainCatcher news, according to Cointelegraph, Cypriot regulators are calling on accounting and auditing professionals to help identify and prevent terrorist financing activities, with a particular emphasis on five methods of fund transfer, including cryptocurrencies. The Institute of Certified Public Accountants of Cyprus (ICPAC) is the regulatory body for the accounting industry on the island, and it has issued a "Terrorist Financing Alert" to combat this crime.

While law enforcement primarily deals with financial crimes such as money laundering and terrorist financing, ICPAC hopes to involve accounting professionals in oversight. According to ICPAC, terrorist organizations use five methods to transfer funds, which include donations through non-governmental organizations (NGOs), cash, bank transfers and gift cards, cryptocurrencies, and shell companies.