Cyprus Implements The 5th AML Directive – Key Developments And The Introduction Of Cryptoassets Service Providers

A. INTRODUCTION

The Cyprus House of Representatives on 18.02.2021 has enacted the long-awaited amending law to the Prevention and Suppression of Money laundering and Terrorist Financing Law 188(I)/2007 thus fully implementing EU Directive 2018/843 of the European Parliament and of the Council of 30 May 2018, ("the 5^th AML Directive").

This new enactment, ("the new Law"), implements the provisions of the 5^th AML Directive that were not already implemented so far into Cyprus Law. With this new Law, the 5^th AML Directive is now fully implemented in Cyprus.

The new Law will come into force once published in the official gazette of the Republic.

B. EXTENDED SCOPE OF APPLICATION OF THE ANTI-MONEY LAUNDERING LEGAL FRAMEWORK