Are there success stories in the international fight against money laundering and sanctions evasion? The island nation of Cyprus is making its case.

Cyprus has long been a hub of financial connections for Russian and Ukrainian oligarchs seeking to avoid western sanctions and anti-money laundering (AML) rules. A 2023 investigation by the International Consortium of Investigative Journalists (ICIJ), Cyprus Confidential, found that Cyprus-Russia financial connections persist, even after Russia’s 2022 invasion of Ukraine.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...