Cyprus Compliance Report: MONEYVAL Analysis Released

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Statement of the Advisory Authority for Combating Money Laundering and Terrorist Financing on the publication of the 5th Round Mutual Evaluation Report of Cyprus by MONEYVAL, the Committee of Experts of the Council of Europe on the Evaluation of Anti-Money Laundering Measures and the Counter Financing of Terrorism.
The recommendations included in the Mutual Evaluation Report by and large are aligned with the first National AML/CFT Risk Assessment1 and the resulting Action Plan and Strategy that were endorsed by the Cyprus Council of Ministers back in November 2018 and March 2019 respectively; as well as by all respective governmental bodies and stakeholders.

Experts noted that the fifth round of FATF standard evaluations were more demanding; with very few jurisdictions achieving high results. Cyprus is one of 25 jurisdictions (out of 98) that have undertaken this assessment, without having a low evaluation grade in any of the 11 categories compiling the usefulness assessment.

Cyprus’ Anti-Money Laundering / Counter Terrorist Financing measures have been assessed as substantially effective in 3 out of the 11 efficacy categories and moderately effective in the remaining 8 categories.

All key participants engaged in combatting money laundering in the relevant governmental bodies all demonstrated their commitment in implementing solid policies to reinforce the anti-money laundering and counter terrorist financing system of Cyprus to the judges.

For technical compliance section, Cyprus achieved either Compliant or Largely Compliant ratings in the majority of the 40 parametres, and 2 Partially Compliant ratings and no non-compliant ratings.

The Cyprus Advisory Authority expressed its satisfaction that Cyprus’ Mutual Evaluation Report fully reflected the efforts of the authorities and key leaders in the fight against money laundering and terrorist financing, within the global community.

President Anastasiades also thanked the assessment team and MONEYVAL and confirmed that the relevant Authorities remain fully committed in pursuing all the recommendations that were issued in the Mutual Evaluation Report.