Cyprus Confidential

The United States and Cyprus said Tuesday they're formalizing their collaboration in fighting money laundering, sanctions evasion and other financial crimes with an agreement offering Cypriot law enforcement authorities US expertise.

In a bid to bolster enforcement of European Union (EU) sanctions against third countries, the European Parliament has approved stringent measures, making the circumvention and violation of these sanctions a criminal offense punishable by a minimum prison sentence of five years.