Moneyval published on 12 February 2020 Cyprus’ comprehensive assessment of the effectiveness of anti-money laundering and countering the financing of terrorism (AML/CFT) system and its level of compliance with the Recommendations of the Financial Action Task Force (FATF).
What are the findings?
The assessment, conducted on the basis of the robust FATF methodology by a team of international experts, reflects the measures adopted by Cyprus in the fight against money laundering and terrorist financing over the recent years and identifies areas where further improvements are needed.
Effective measures deployed
Cyprus has deployed several measures over the past few years to effectively mitigate some of the main risks identified in previous reports. Specifically, the assessment points out the following positive elements:
Shortcomings
Moneyval noted that in various aspects major improvements are necessary for the effectiveness of the Cypriot AML/CFT regime. Specifically, the following weaknesses have been identified:
Cyprus has taken positive steps towards anti-money laundering and countering the financing of terrorism; however, the report calls on the Cypriot authorities to pursue more aggressively money laundering from criminal proceeds generated outside of Cyprus and deploy further measures on mitigating the risks.
Moneyval shall apply an enhanced follow-up procedure and Cyprus is invited to report back at its first plenary in 2021.
The concise version of Cyprus’ assessment can be viewed via this link.
For more information, please visit our website’s microsite on Anticorruption & AML or email Ms. Polina Ioannou at This email address is being protected from spambots. You need JavaScript enabled to view it..
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