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ARTICLE · 27 APRIL 2023

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Country Update – Cyprus: AML

Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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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 with the AML European framework...

CyprusGovernment, Public Sector
Kyriaki Stinga
Kyriaki Stinga
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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 was during May 13-24, 2019. MONEYVAL's 2019 assessment report, published on December 31, 2019, illustrated that Cyprus has a good understanding of the money laundering and terrorist financing risks, and has implemented measures to mitigate some of the main risks in an effective manner. Such measures include domestic co-operation/co-ordination between competent authorities whose responsibilities include addressing such risks, as well as the collaboration

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