Cyprus calls for collective crackdown on crypto terrorist financing

The Cypriot regulator has called on accounting and auditing professionals to help detect and prevent terrorist financing activities, with a particular focus on five methods of money transfer, including cryptocurrencies. The Cyprus Certified Public Accountants Association (ICPAC), the regulator of the island nation's accounting profession, has issued a "Terrorism Financing Alert" to combat the crime.
While law enforcement agencies primarily deal with financial crimes such as money laundering and terrorist financing, ICPAC wants to involve accounting professionals in oversight. According to ICPAC, terrorist organizations use five methods to move funds, which include donations through Non-governmental organizations (NGOs), cash, bank transfers and gift cards, cryptocurrencies, and shelf companies.