According to Odaily, the Cyprus Institute of Certified Public Accountants (ICPAC), the regulatory body for the accounting industry in Cyprus, has issued a 'terrorism financing alert' to combat this criminal activity. The regulatory body is calling on accounting and auditing professionals to assist in detecting and preventing terrorism financing activities. They have particularly emphasized the need to monitor five methods of fund transfer, including cryptocurrencies.
While law enforcement agencies primarily handle financial crimes such as money laundering and terrorism financing, ICPAC wants accounting professionals to participate in the oversight. According to ICPAC, terrorist organizations use five methods to transfer funds. These methods include donations through non-governmental organizations (NGOs), cash, bank transfers, gift cards, cryptocurrencies, and shell companies.
The inclusion of cryptocurrencies in this list highlights the growing concern about their potential use in illegal activities. The anonymous nature of cryptocurrencies makes them an attractive option for those looking to finance illegal activities without being traced. By involving accounting professionals in the fight against terrorism financing, ICPAC hopes to leverage their expertise in financial matters to detect and prevent such activities.