Jan. 27 (Bloomberg) -- Norway will make a grant to Cyprus of 935,750 euros ($1.3 million) to help the island country boost its technological abilities to fight money laundering, the Cypriot government said.
The grant will finance 85 percent of a 1.1 million- euro project to upgrade the technological infrastructure and software systems of Cyprus’s anti-money laundering unit, known as Mokas, according to a statement posted today on the website of the Cyprus government’s press office.
The upgrade will boost Mokas’s ability to better use available information for automatically recognizing relationships between data and suspects in order to prevent and combat transnational organized crime, especially money laundering and the financing of terrorist activities, according to the statement.
Financial intelligence units in other European Union members as well as other Cypriot law enforcement agencies will also benefit from the upgrade, the government said. Norway will grant the money via the Norwegian Financial Mechanism that funds projects in 15 EU members in southern and central Europe.
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