EUC – IMH project concentrates on Financial Investigation Coordination in Cyprus

The European University Cyprus (EUC) together with IMH will implement the anti-fraud project “Financial Investigation Coordination in Cyprus” in the framework of the European Anti-Fraud Office’s (OLAF) Hercule III programme.

For the successful implementation of the project, the EUC and IMH will cooperate with all relevant stakeholders both from the public and the private sector

The European Anti-Fraud Office (OLAF) is the only EU body mandated to detect, investigate and stop fraud with EU funds. OLAF’s Hercule III Programme (2014 – 2020) is the latest EU anti-fraud programme, following Hercule II (2007-2013) which with a budget of €104.9m aims to help EU countries fight fraud, corruption and other illegal activities.

The project “Financial Investigation Coordination in Cyprus” aims to build skills and capacity towards an effective financial investigation in all serious and organised financial crime in Cyprus. In order to achieve this, the project will provide three types of training activities to ensure that the beneficiaries receive the relevant methods and tools for their work but also to provide a space for a better coordination between the relevant stakeholders.

Having this in mind together with the OLAF Key Policy Issues Paper for Cyprus (2014), the project partners organised on May 20^th a Round Table discussion with stakeholders (Police financial investigators, Retail banks, Central Bank of Cyprus, Cyprus Security and Exchange Commission, JCC – online payment system companies, Accountants etc.). This Round Table discussion identified the needs of the sector and proposed the topics for a series of workshops for all stakeholders. Namely:

• Workshop 1, June 2016, «Introduction to Fraud» (in English)
• Workshop 2, September, «Bribery and Corruption» (in English)
• Workshop 3, September 2016 «Accounting Concepts and relation to fraud and fraud prevention» (in Greek)
• Workshop 4, October 2016,  «Financial Statement Fraud» (in Greek)
• Workshop 5, October 2016,  «Αsset misappropriation» (in Greek)
• Workshop 6, November 2016,   «How to create an ethical environment in order to combat fraud» (in English)

The 1^st Workshop was held on June 28^th at the European University Cyprus and brought together a number of stakeholders. The workshop included presentations by Cyprus College Accounting Lecturer Mike Christodoulou with «Introduction to Fraud» and «ACFE Report to the Nations on Occupational Fraud and Abuse» and SAS – Cyprus representative Chrysostomos Kridiotis «How technology can support Fraud Detection and Prevention».

For more information on the project please contact project coordinator Assistant Professor Alexandros Apostolides, Department of Accounting Finance & Economics chairperson.

Email: [email protected] telephone: 22713087