One thing is sure. Cyprus is a stronghold of international cybercrime and thrives on scam tourism. One could almost say that Cyprus is firmly in the hands of Israeli financial entrepreneurs and Russian money-laundering principals. Dozens of Israeli-controlled CySEC-regulated investment firms (CIFs) have their registered offices and headquarters in Limassol. Moreover, cybercrime-facilitating marketing firms and payment processors like BridgerPay or Praxis Cashier call Cyprus home. Now Cyprus wants to become a global hub for the fight against cybercrime. Really now?
The Cyprus Mail and other media outlets reported yesterday that the University of Nicosia (UNIC) plans to train law enforcement agents from jurisdictions worldwide to fight cybercrime. Allegedly, the University of Nicosia was awarded the task of training officers of the European Union Agency for Law Enforcement Training (CEPOL) in the crypto environment. CEPOL tasked UNIC to design and implement a course on “Financial investigation on Virtual Currencies.” The course will be implemented in mid-2022 by UNic’s newly established Institute of Public, Cyber, and National Security, collaborating with the Institute for the future.
Purportedly, former FBI investigators specializing in cybercrime and money laundering using cryptocurrencies will be brought on board as teaching staff.
In November 2021, UNIC and the Dubai Police General Headquarters (G.H.Q) have signed a Memorandum of Cooperation, to further strengthen their collaboration and coordination in areas of common interest. The 3-year Memorandum signals an exciting partnership that will evolve the studies and practical application of blockchain and digital currency in the law enforcement field
At first glance, this announcement seems crazy. At a second glance, perhaps it makes sense. Where, if not in Cyprus, can one learn directly at the source how financial cybercrime and money laundering works? A kind of cybercrime showroom and hands-on workshop environment. The international law enforcement agents are invited to take a closer look at the crime scene. Funny, isn’t it?
