NICOSIA, Cyprus (AP) — A senior U.S. Treasury Department official says Cyprus has done “outstanding” work to curtail money laundering.

Treasury Department Assistant Secretary Marshall Billingslea says Cyprus has made “enormous progress and improvements” in its legal framework as well as in law enforcement.

Billingslea said after talks with Cyprus Finance Minister Harris Georgiades that the U.S. values its close partnership with Cypriot authorities and looks forward to strengthening those ties.

Georgiades said Cyprus and the U.S. will work to expand collaboration on fighting terrorist financing and money laundering which are major concerns for both countries as well as the European Union.

Georgiades said Friday’s talks were his second meeting with the Treasury official this year.