Cyprus calls for collective fight against crypto terror financing

Cyprus regulators have called on accounting and auditing professionals to help detect and prevent terrorist financing activities, with a particular focus on five methods of transferring funds, including cryptocurrencies. The Institute of Certified Public Accountants of Cyprus (ICPAC), the regulator of the accounting profession in the island nation, has issued a "terrorist financing alert" to combat this crime. While law enforcement agencies mainly deal with financial crimes such as money laundering and terrorist financing, ICPAC wants to involve accounting professionals in supervision. According to ICPAC, terrorist organizations use five methods to transfer funds, including donations through non-governmental organizations (NGOs), cash, bank transfers and gift cards, cryptocurrencies, and shell companies.