A report on Cyprus by the Council of Europe`s Committee of Experts for the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL) is due in December.
A MONEYVAL delegation carried out an onsite visit to Cyprus from 13-24 May. The delegation was composed of experts with a legal, law enforcement and financial background and supported by members of the MONEYVAL Secretariat.
The delegation was received by Governor of the Central Bank and the Advisory Authority on anti-money laundering and counter-terrorist financing (AML/CFT), co-chaired by the FIU and the Ministry of Finance.
It met with the authorities responsible for Cyprus’ AML/CFT system (such as competent ministries, criminal justice and operational agencies, financial sector bodies and supervisors of businesses and professions with AML/CFT obligations).
There were also meetings with a great number of private stakeholders (financial institutions, trust and company service providers, lawyers, real estate agents and casino) and representatives from non-profit organisations.
The delegation is tasked with analysing – in the form of a mutual evaluation report – Cyprus’ level of compliance with the Financial Action Task Force (FATF) 40 Recommendations and the level of effectiveness of Cyprus’s AML/CFT system, and with providing recommendations on how the system could be strengthened.
The report will be scheduled for discussion and adoption at MONEYVAL’s 59th Plenary meeting, on December 3-6.