Cyprus and Russia sign MoU on Customs

The MoU enhances customs cooperation between the two countries and includes provisions for customs offences on the one hand and mechanisms to combat them on the other, Ministry of Finance Permanent Secretary Christos Patsalides said after signing the agreement on the part of Cyprus.

Asked if the MoU is an answer to those who accuse Cyprus of money laundering, Patsalides said “it is an additional tool to help combat all such offences”.

It strengthens Cyprus’ effort to show that there is no money laundering, he said, adding that money laundering neither exists nor is it fostered in Cyprus. On the contrary, he noted, Cyprus has implemented legislation and forged cooperation with foreign countries in order to deal with such phenomena.

Addressing the Russian Federation Ambassador Vyacheslav Shumskiy, who signed the agreement on the part of Russia, Patsalides thanked him for supporting Cyprus’ application for a loan from Russia.

On his part Shumskiy pointed out that customs control has become more important as trade relations and the exchange of services and people have increased between the two countries.

“This document will guide us for the next five years”, he said, expressing the hope that once that period is over it will be renewed.

Shumskiy stressed that the MoU does not in any way contradict EU competence on customs.