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ARTICLE · 13 JUNE 2024

COUNTRY UPDATE-Cyprus: AML

Elias Neocleous & Co LLC
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The financial services and international business sector in Cyprus is one of the vital pillars of the Cyprus economy. That being said, Cyprus aims to be in full compliance...

CyprusGovernment, Public Sector
Kyriaki Stinga
Kyriaki Stinga
Dorina Mastora
Dorina Mastora
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Member of Financial Action Task Force? No, but Cyprus is a member of MONEYVAL.

On FATF blacklist? No.

Member of Egmont? Yes.

Anti-Money laundering background

The financial services and international business sector in Cyprus is one of the vital pillars of the Cyprus economy. That being said, Cyprus aims to be in full compliance with the AML European framework, and in this respect constantly implements changes in its local laws to align with EU directives and regulations.

Cyprus' latest MONEYVAL evaluation took place during May 2019. The third Enhanced Follow-up Report and Technical Compliance Re-rating on Cyprus was adopted by the MONEYVAL Committee at its 66th Plenary Meeting in Strasbourg between December 11-15, 2023. The report shows that Cyprus has improved its measures for tackling money laundering and combatting financing of terrorism, The report also highlights better compliance with Recommendation 15 on new technologies, as well as some progress

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