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ARTICLE · 25 OCTOBER 2019

CySEC Adopts Financial Action Task Force (FATF) Guidance On Terrorist Financing Risk Assessment

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CySEC has issued Circular C.339 (available in English here), addressed to CySEC regulated entities, which adopts the new Terrorist Financing Risk Assessment Guidance (Guidance)

CyprusGovernment, Public Sector
Elias Neocleous & Co LLC
Elias Neocleous & Co LLC
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CySEC has issued Circular C.339 (available in English here), addressed to CySEC regulated entities, which adopts the new Terrorist Financing Risk Assessment Guidance (Guidance), issued by the Financial Action Task Force (FATF).

The Guidance addresses issues of Terrorist Financing (TF) in relation to the relevant scope and governance of a TF risk assessment and provides practical examples to overcome information sharing challenges related to TF. The Guidance also includes possible examples identifying TF threats and risks within high risk sectors. Relevant vulnerabilities and other considerations are also set out in the guidelines.

The Guidance reaffirms the importance of establishing regular mechanisms to monitor TF risk on an ongoing basis and of continuing to critically review the methodology used to assess TF risks and identify blind spots. Furthermore, FATF encourages the development of multiagency information sharing initiatives and the use of information

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