The Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) has reached to the conclusion that Cyprus is complying with the Financial Action Task force (FATF) recommendations. Moneyval is the monitoring body of the Council of Europe which assesses the countries'compliance with the international standards for anti-money laundering and terrorist financing.
In a previous evaluation of 2019, Moneyval had found that Cyprus was in compliance or largely in compliance with only 37 out of the 40 recommendations of FATF. However, this latest valuation published on the 13th of January 2022 has found Cyprus to be compliant with all 40 FATF recommendations. Cyprus was found to be largely compliant with 20 recommendations, compliant with 16 other recommendations and partly compliant with 4 recommendations.
This development is a testament to the efforts of Cyprus in order to improve and strengthen the framework for anti-money laundering and combating terrorist financing.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
