Cyprus Accountancy Regulator Urges Vigilance in Detecting Terror Financing, Highlights Crypto Risks

The Institute of Certified Public Accountants of Cyprus (ICPAC) has urged accounting and auditing professionals to play a crucial role in detecting and preventing terror financing. This alert highlights five primary methods terrorists use to transfer funds, including cryptocurrencies. ICPAC, which regulates the accountancy profession in Cyprus, issued a “terror financing alert” to enhance efforts against such activities. While law enforcement agencies usually handle financial crimes such as money laundering and terror financing, ICPAC emphasizes the need for accounting professionals to participate in monitoring. The regulator stated: “These days, given the nature of services provided and the role of professionals