According to a monitoring report published today by the Council of Europe's Committee of Experts on Money Laundering (MONEYVAL), “ Cyprus has made some progress in improving its level of compliance with Financial Action Task Force (FATF) standards on combatting money laundering and the financing of terrorism”.
This assessment concerns changes to the legislative, regulatory and institutional frameworks drawn up by the Cypriot authorities in relation to risk assessment and the monitoring of its non-profit sector, as well as the banks' assessments of the relationship with respondents. It also assesses the powers that are available to the investigating authorities.
The implementation of these reforms has not been evaluated at this stage.
The Cypriot legislation was assessed as “compliant” with 16 of the 40 FATF Recommendations, “largely compliant” with 20 Recommendations and “partially compliant” with four Recommendations. It does not have any “non-compliant” ratings.
MONEYVAL has requested that Cyprus report back within one year on the progress that has been made in implementing the outstanding recommendations.
Link to the report: https://bit.ly/3flHkYF (Original version in French by Véronique Leblanc)